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Borrowings | 12 Months Ended
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Dec. 31, 2023
Borrowings [Abstract] |
Borrowings | Note 10 – Borrowings The following table summarizes information relating to FHLB advances at or for the periods indicated:
| At or For the Year Ended December 31, |
| 2023 |  | 2022 |
| (Dollars in thousands) |
FHLB Advances: |  |  |  |
Average balance outstanding during the year |  | $ | 177,261 |  |  | $ | 61,593 |
Maximum amount outstanding at any month‑end during the year |  | $ | 210,242 |  |  | $ | 128,823 |
Balance outstanding at end of year |  | $ | 209,319 |  |  | $ | 128,344 |
Weighted average interest rate at end of year |  |  | 4.91 | % |  |  | 3.74 | %
Average cost of advances during the year |  |  | 4.70 | % |  |  | 1.74 | %
Weighted average maturity (in months) |  |  | 2 |  |  |  | 7 |
Each advance is subject to a prepayment penalty if paid before its maturity date. The advances were collateralized by $435.4 million and $328.1 million of commercial real estate loans at December 31, 2023 and 2022, respectively, under a blanket lien arrangement. Based on collateral pledged and the Company’s holdings of FHLB stock as of December 31, 2023, the Company was eligible to borrow up to an additional $117.0 million at year‑end 2023. Scheduled maturities of FHLB advances are as follows:
| Amount |
| (In thousands) |
2024 |  | $ | 176,638 |
2025 |  |  | 32,681 |
|  | $ | 209,319 |
On December 27, 2023, the Company borrowed $100.0 million from the Federal Reserve under the Bank Term Funding Program (“BTFP”). As of December 31, 2023, $100.0 million was outstanding. The interest rate on this borrowing is fixed at 4.84% and the borrowing matures on December 29, 2024. Investment securities with a book value of $107.3 million and a fair value of $98.3 million were pledged as collateral for this borrowing as of December 31, 2023. There are no prepayment penalties for early payoff. As the BTFP ended on March 11, 2024, no additional borrowings can be made under the program. In addition, the Bank had additional lines of credit of $10.0 million with other financial institutions as of December 31, 2023.

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- Definition The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 470 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480876/942-470-45-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480848/942-470-50-3 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481544/470-10-50-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1 + Details
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