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v3.22.2.2

Borrowings (Tables) | 9 Months Ended
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Sep. 30, 2022
Debt Disclosure [Abstract] |
Summary of Long-Term Borrowings | The table below provides additional information related to the Notes as of and for the nine months ended September 30, 2022 and the year ended December 31, 2021, respectively.
|  | September 30, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
|  | (Dollars in Thousands) |
Balance at period-end |  | $ | 10,708 |  |  | $ | 10,653 |
Average balance during the period |  | $ | 10,702 |  |  | $ | 2,682 |
Maximum month-end balance during the year |  | $ | 10,708 |  |  | $ | 10,653 |
Average rate paid during the year, including amortization of debt issuance costs |  |  | 4.16 | % |  |  | 4.20 |
Weighted average remaining maturity (in years) |  |  | 9.00 |  |  |  | 9.75 |
Schedule of Available Unused Lines of Credit | As of September 30, 2022 and December 31, 2021, the Company’s available unused lines of credit consisted of the following:
Available Unused Lines of Credit |  | Collateral Requirements |  | September 30, 2022 |  | December 31, 2021
Correspondent banks |  | None |  | $45.0 million |  | $45.0 million
Federal Reserve (discount window) |  | Subject to collateral |  | $1.2 million |  | $1.0 million
FHLB advances (1) |  | Subject to collateral |  | $206.6 million |  | $237.0 million
(1) These amounts represent the total remaining credit the Company has from the FHLB, but this credit can only be utilized to the extent that underlying collateral exists. The total lendable collateral value of assets pledged (including loans and investment securities) associated with FHLB advances and letters of credit totaled $78.3 million and $66.6 million as of September 30, 2022 and December 31, 2021, respectively. The Company’s collateral exposure with the FHLB in the form of advances and letters of credit was $70.0 million and $40.0 million as of September 30, 2022 and December 31, 2021, respectively, leaving an excess of collateral of $8.3 million and $26.6 million, respectively, available to utilize for additional credit as of the respective dates. The Company also has the ability to pledge additional assets to increase the availability of borrowings.

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