Borrowings - Schedule of Available Unused Lines of Credit (Details) - Unused lines of Credit [Member] - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2023

Dec. 31, 2022

[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 $74.2 million and $68.2 million as of March 31, 2023 and December 31, 2022, respectively. The Company’s collateral exposure with the FHLB in the form of advances and letters of credit was $55.0 million and $50.0 million as of March 31, 2023 and December 31, 2022, respectively, leaving an excess of collateral of $19.2 million and $18.2 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.

[2]

The Company has access to the Federal Reserve’s discount window and its Bank Term Funding Program (BTFP), the latter of which was established during the three months ended March 31, 2023 in response to the liquidity events that have occurred in the banking industry. Both the discount window and the BTFP allow borrowing on pledged collateral that includes eligible investment securities and, in certain circumstances, eligible loans. The discount window allows borrowing under 90-day terms, while borrowing terms under the BTFP are up to one year. The BTFP also allows investment securities to be pledged as collateral at 100% of par value when par value is greater than fair value.