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FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS (Tables)
 12 Months Ended
Dec. 31, 2022
Federal Home Loan Banks [Abstract]  
Schedule of Federal Home Loan Bank Advances A summary of Federal Home Loan Bank (FHLB) advances and other borrowings at December 31, 2022 and December 31, 2021 is as follows:
December 31, 2022December 31, 2021
Stated MaturityAmountRange of Stated RatesStated MaturityAmountRange of Stated Rates
Federal Home Loan Bank advances (1), (2), (3), (4)2022$— — %— %2022$11,000 2.45 %2.45 %
2023117,000 1.43 %4.31 %202320,000 1.43 %1.44 %
202420,530 0.00 %1.45 %202420,530 0.00 %1.45 %
20255,000 1.45 %1.45 %20255,000 1.45 %1.45 %
2029— — %— %202942,500 1.00 %1.13 %
2030— — %— %203012,500 0.52 %0.86 %
Subtotal142,530 111,530 
Unamortized discount on acquired notes— (3)
Federal Home Loan Bank advances, net $142,530 $111,527 
Other borrowings:
Senior notes (5)2034$23,250 3.00 %6.75 %2031$28,856 3.00 %3.50 %
Subordinated notes (6)2027$— — %— %2027$15,000 6.75 %6.75 %
203015,000 6.00 %6.00 %203015,000 6.00 %6.00 %
203235,000 4.75 %4.75 %2032— — %— %
$50,000 $30,000 
Unamortized debt issuance costs(841)(430)
Total other borrowings$72,409 $58,426 
Totals$214,939 $169,953 
(1)    The FHLB advances bear fixed rates, require interest-only monthly payments, and are collateralized by a blanket lien on pre-qualifying first mortgages, home equity lines, multi-family loans and certain other loans which had pledged balances of $984,878 and $861,900 at December 31, 2022 and 2021, respectively. At December 31, 2022, the Bank’s available and unused portion under the FHLB borrowing arrangement was approximately $256,773 compared to $204,271 as of December 31, 2021.
(2) Maximum month-end borrowed amounts outstanding under this borrowing agreement were $157,530 and $123,530, during the twelve months ended December 31, 2022 and December 31, 2021, respectively.
(3) The weighted-average interest rates on FHLB borrowings, with maturities less than twelve months, outstanding as of December 31, 2022 and December 31, 2021 were 4.09% and 2.45%, respectively.
(4)    At December 31, 2022, no FHLB term notes can be called by the FHLB. At December 31, 2021, FHLB term notes totaling $55,000 could be called by the FHLB on a quarterly basis, and if not called, would mature at various dates in 2029 and 2030. These notes were called by the FHLB in 2022.
(5)    Senior notes, entered into by the Company in June 2019 consist of the following:
(a) A term note, which was subsequently refinanced in March 2022, requiring quarterly interest-only payments through March 2025, and quarterly principal and interest payments thereafter. Interest is variable, based on US Prime rate minus 75 basis points with a floor rate of 3.00%.
(b) A $5,000 line of credit, maturing in August 2023, that remains undrawn upon.
(6)    Subordinated notes resulted from the following:
(a) The Company’s private sale in August 2017, which bore a fixed interest rate of 6.75% for five years. In August 2022, they converted to a three-month LIBOR plus 4.90% rate, and the interest rate will reset quarterly thereafter. The note was callable by the Bank when, and anytime after, the floating rate is initially set. Interest-only payments were due quarterly. The Company sent the required redemption notice to the note holders in June 2022, and this subordinated note was called and repaid in full on August 10, 2022.
(b) The Company’s Subordinated Note Purchase Agreement entered into with certain purchasers in August 2020, which bears a fixed interest rate of 6.00% for five years. In September 2025, the fixed interest rate will be reset quarterly to equal the three-month term Secured Overnight Financing Rate plus 591 basis points. The note is callable by the Bank when, and anytime after, the floating rate is initially set. Interest-only payments are due semi-annually each year during the fixed interest period and quarterly during the floating interest period.
(c) The Company’s Subordinated Note Purchase Agreement entered into with certain purchasers in March 2022, which bears a fixed interest rate of 4.75% for five years. In April 2027, the fixed interest rate will be reset quarterly to equal the three-month term Secured Overnight Financing Rate plus 329 basis points. The note is callable by the Bank when, and anytime after, the floating rate is initially set. Interest-only payments are due semi-annually each year during the fixed interest period and quarterly during the floating interest period.