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ADVANCES FROM FEDERAL HOME LOAN BANK AND SUBORDINATED DEBT | 12 Months Ended
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Dec. 31, 2022
ADVANCES FROM FEDERAL HOME LOAN BANK AND SUBORDINATED DEBT |
ADVANCES FROM FEDERAL HOME LOAN BANK AND SUBORDINATED DEBT | 13. ADVANCES FROM FEDERAL HOME LOAN BANK AND SUBORDINATED DEBT Advances from the Federal Home Loan Bank (FHLB) consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | AT DECEMBER 31, 2022
​ | ​ | WEIGHTED | ​ | ​ | ​
​ |  | AVERAGE YIELD |  | BALANCE
MATURING | ​ | (IN THOUSANDS, EXCEPT RATES)
2023 |  | 1.59 | % | $ | 15,568
2024 |  | 1.19 | ​ |  | 4,197
Total advances from FHLB |  | 1.50 | ​ | $ | 19,765
​
​ | ​ | ​ | ​ | ​ | ​
​ |  | AT DECEMBER 31, 2021
​ | ​ | WEIGHTED | ​ | ​ | ​
​ |  | AVERAGE YIELD |  | BALANCE
MATURING | ​ | (IN THOUSANDS, EXCEPT RATES)
2022 |  | 1.88 | % | $ | 22,888
2023 |  | 1.59 | ​ |  | 15,568
2024 |  | 1.19 | ​ |  | 4,197
Total advances from FHLB |  | 1.71 | ​ | $ | 42,653
​ The Company’s subsidiary Bank is a member of the FHLB which provides this subsidiary with the opportunity to obtain short to longer-term advances based upon the Company’s investment in assets secured by one- to four-family residential real estate and certain types of commercial and commercial real estate loans. The rate on open repo plus advances, which are typically overnight borrowings, can change daily, while the rates on the advances are fixed until the maturity of the advance. All FHLB stock along with an interest in certain residential mortgage, commercial real estate, and commercial and industrial loans with an aggregate statutory value equal to the amount of the advances, are pledged as collateral to the FHLB of Pittsburgh to support these borrowings. At December 31, 2022, the Company had immediately available $302 million of overnight borrowing capability at the FHLB, $41 million of short-term borrowing availability at the Federal Reserve Bank and $35 million of unsecured federal funds lines with correspondent banks. Subordinated Debt: On August 26, 2021, the Company completed a private placement of $27 million in fixed-to-floating rate subordinated notes to certain accredited investors. The notes mature September 1, 2031 and are non-callable for five years. The notes have a fixed annual interest rate of 3.75%, payable until September 1, 2026. From and including September 1, 2026, the interest rate will reset quarterly to the then-current three-month Secured Overnight Financing Rate (SOFR) plus 3.11%. The subordinated debt was structured to qualify as tier 2 capital under the Federal Reserve’s capital guidelines. ​ The Company used approximately $20 million of the net proceeds to retire its existing subordinated debt and guaranteed junior subordinated deferrable interest debentures (trust preferred securities) on September 30, 2021. Specifically, the Company retired $12 million of 8.45% trust preferred securities which had been issued on April 28, 1998 and $7.7 million of 6.50% subordinated debt which had been issued on December 29, 2015. The remainder of the proceeds were utilized for general corporate purposes, including the downstream of $3.5 million as capital to the Bank in the third quarter of 2021. The net balance of subordinated debt as of December 31, 2022 and 2021 was $26.6 million.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 + Details
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