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Borrowings
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Borrowings
6.
Borrowings

Federal Home Loan Bank (“FHLB”)

A summary of borrowings from the FHLB is as follows:

 

 

June 30, 2023

 

Principal Amounts

 

 

Maturity Dates

 

 

Interest Rates

(Dollars in thousands)

$

82,929

 

 

 

2023

 

 

5.22% to 5.33% – fixed

 

800

 

 

 

2024

 

 

0.00% – fixed

 

520

 

 

 

2025

 

 

0.00% – fixed

 

718

 

 

 

2028

 

 

0.00% – fixed

 

200

 

 

 

2030

 

 

0.00% – fixed

 

430

 

 

 

2031

 

 

0.00% – fixed

$

85,597

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

Principal Amounts

 

 

Maturity Dates

 

 

Interest Rates

(Dollars in thousands)

$

96,729

 

 

 

2023

 

 

0.44% to 4.38% – fixed

 

800

 

 

 

2024

 

 

0.00% – fixed

 

520

 

 

 

2025

 

 

0.00% – fixed

 

718

 

 

 

2028

 

 

0.00% – fixed

 

200

 

 

 

2030

 

 

0.00% – fixed

 

430

 

 

 

2031

 

 

0.00% – fixed

$

99,397

 

 

 

 

All borrowings from the FHLB are secured by a blanket security agreement on qualified collateral, principally residential mortgage loans, in an aggregate amount equal to outstanding advances. The Bank’s unused remaining available borrowing capacity at the FHLB was approximately $60.0 million and $36.5 million at June 30, 2023 and December 31, 2022, respectively. At June 30, 2023 and December 31, 2022, the Bank had sufficient collateral at the FHLB to support its obligations and was in compliance with the FHLB’s collateral pledging program. As of June 30, 2023 and December 31, 2022, borrowings include $2.7 million of advances through the FHLB’s Jobs for New England program where certain qualifying small business loans that create or preserve jobs, expand woman-, minority- or veteran- owned businesses or otherwise stimulate the economy in New England communities are offered at an interest rate of 0%.

At June 30, 2023 and December 31, 2022, the Bank had an overnight line of credit with the FHLB that may be drawn up to $3.0 million. Additionally, the Bank had a total of $5.0 million of unsecured Fed Funds borrowing lines of credit with two correspondent banks. The entire balance of all these credit facilities was available at June 30, 2023 and December 31, 2022.

Federal Reserve Bank of Boston (“FRB”)

During June 2023, the Bank established two secured credit facilities with the FRB – Bank Term Funding Program (“BTFP”) and Borrower-In-Custody of Collateral Program (“BIC”). At June 30, 2023, the Bank’s borrowing capacity is $33.4 million under the BTFP and is based upon eligible collateral, principally government-sponsored enterprise obligations, mortgage-backed securities and collateralized mortgage obligations issued by various U.S. Government agencies, owned as of March 12, 2023. The interest rate for term advances under the BTFP will be the one-year overnight index swap rate plus 10 basis points and fixed for the term of the advance – up to one year - on the day the advance is made. At June 30, 2023, the Bank’s borrowing capacity is $61.1 million under the BIC and is based upon eligible collateral - principally general obligation municipal bonds. The entire balance of these credit facilities was available at June 30, 2023 (see Note 16, Subsequent Events).