Short-Term and Long-Term Borrowings

12 Months Ended

Dec. 31, 2023

Short-Term and Long-Term Borrowings [Abstract]

Short-Term and Long-Term Borrowings

(8) Short-Term and Long-Term Borrowings

The Company had no secured borrowings and no Federal Funds purchased at December 31, 2023 and December 31, 2022.

Additional short-term borrowings available to the Company consist of a line of credit and advances with the Federal Home Loan Bank (“FHLB”) secured under terms of a blanket collateral agreement by a pledge of FHLB stock and all loans. At December 31, 2023, the Company had a current collateral borrowing capacity with the FHLB of $395,455 and, at such date, also had unsecured formal lines of credit totaling $132,000 with correspondent banks.

The Bank is eligible for participation in the newly created Bank Term Funding Program at the Federal Reserve which is intended to provide liquidity to U.S. depository institutions using one-year advances, prepayable without penalty, provided at the one-year overnight index swap rate plus 10 basis points limited to the value of eligible collateral. Eligible collateral includes any collateral eligible for purchase by the Federal Reserve Bank, at par value, provided such collateral was owned by the borrower at March 12, 2023. As of December 31, 2023, the Company had $523,888 in par value of unpledged securities available to pledge to secure advances under the newly created Bank Term Funding Program.

The Company had no long-term borrowings at December 31, 2023 and 2022.