Borrowings

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Borrowings

10.Borrowings

A summary of borrowings from the FHLB are as follows:

		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
		December 31, 2021
Principal Amounts			Maturity Dates		Interest Rates
(Dollars in thousands)
$	12,262			2022	0.00% to 0.31% – fixed
	15,000			2023	0.44% to 0.45% – fixed
	800			2024	0.00% – fixed
	520			2025	0.00% – fixed
	250			2028	0.00% – fixed
	200			2030	0.00% – fixed
	430			2031	0.00% – fixed
$	29,462

All borrowings from the FHLB are secured by a blanket security agreement on qualified collateral, principally residential mortgage loans and commercial real estate loans, discounted by a certain percentage, in an aggregate amount greater than or equal to outstanding advances. The Bank’s unused remaining available borrowing capacity at the FHLB was approximately $36.5 million and $109.7 million at December 31, 2022 and 2021, respectively. At December 31, 2022 and 2021, 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 December 31, 2022 and 2021 borrowings include $2.7 million and $4.5 million, respectively, 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 December 31, 2022 and 2021, 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 December 31, 2022 and 2021.