OTHER BORROWINGS

12 Months Ended

Dec. 31, 2022

OTHER BORROWINGS

OTHER BORROWINGS

12.OTHER BORROWINGS:

Other borrowings at December 31, 2022 and 2021 are summarized as follows:

(Dollar amounts in thousands)	2022		2021
FHLB advances	$	9,589	$	15,937
TOTAL	$	9,589	$	15,937

The aggregate minimum annual retirements of other borrowings are as follows:

2023	$	1,008
2024		2,635
2025		5,946
2026		—
2027		—
Thereafter		—
	$	9,589

At December 31, 2022 and 2021, other borrowings are summarized as follows: The Corporation’s subsidiary banks are members of the Federal Home Loan Bank (FHLB) and accordingly are permitted to obtain advances. There are $9.6 million of advances from the FHLB at December 31, 2022, and $15.9 million of advances at December 31, 2021, which accrue interest, payable monthly, at annual rates, primarily fixed, varying from 0.68% to 1.70% in 2022 and 0.68% to 3.32% during the year in 2021. FHLB advances are, generally, due in full at maturity. They are secured by eligible securities totaling $40.3 million at December 31, 2022, and $58.5 million at December 31, 2021, and a blanket pledge on real estate loan collateral. Based on this collateral and the Corporation’s holdings of FHLB stock, the Corporation is eligible to borrow up to $246.4 million at year end 2022. Certain advances may be prepaid, without penalty, prior to maturity. The FHLB can adjust the interest rate from fixed to variable on certain advances, but those advances may then be prepaid, without penalty.