BORROWED FUNDS AND REPURCHASE AGREEMENTS (Tables)

12 Months Ended

Dec. 31, 2022

BORROWED FUNDS AND REPURCHASE AGREEMENTS [Abstract]

Borrowed Funds

The following table shows the breakdown of borrowed funds as of December 31, 2022 and 2021 (dollars in thousands):

	Securities
	Sold Under						Bank
	Agreements to			FHLB			Federal Funds			FRB			Line of						Notes			Term			Total
	Repurchase (a)			Advances (b)			Lines (c)			BIC Line (d)			Credit (e)			Subordinated Debt (f)			Payable (g)			Loans (h)			Borrowed Funds
2022
Balance at December 31	$	17,776		$	169,110		$	-		$	-		$	-		$	9,892		$	7,500		$	53,000		$	257,278
Highest balance at any month-end		17,776			186,626			-			-			-			9,892			7,500			53,000			259,215
Average balance		16,246			69,571			3			49			-			9,885			7,500			46,407			149,661
Weighted average interest rate:
Paid during the year		1.95	%		3.50	%		1.99	%		1.76	%		0.00	%		4.18	%		3.63	%		1.00	%		2.61	%
As of year-end		4.13	%		4.45	%		0.00	%		0.00	%		0.00	%		4.18	%		3.57	%		1.00	%		3.66	%
2021
Balance at December 31	$	16,873		$	-		$	-		$	-		$	-		$	9,879		$	7,500		$	39,725		$	73,977
Highest balance at any month-end		16,873			-			-			-			-			9,879			7,500			66,525			100,777
Average balance		14,726			-			-			-			-			7,036			7,500			55,360			84,622
Weighted average interest rate:
Paid during the year		0.06	%		0.00	%		0.51	%		0.22	%		0.00	%		4.17	%		3.57	%		1.26	%		1.50	%
As of year-end		0.08	%		0.00	%		0.00	%		0.00	%		0.00	%		4.18	%		3.57	%		1.15	%		1.56	%

Remaining Contractual Maturity of Repurchase Agreements

	Remaining Contractual Maturity of the Agreements
	Overnight and		Up to				Greater than
2022	Continuous		30 Days		30 - 90 Days		90 days		Total
Repurchase Agreements:
U.S. agency securities	$	20,371	$	-	$	-	$	-	$	20,371
Total carrying value of collateral pledged	$	20,371	$	-	$	-	$	-	$	20,371
Total liability recognized for repurchase agreements									$	17,776
2021
Repurchase Agreements:
U.S. agency securities	$	17,155	$	-	$	-	$	-	$	17,155
Total carrying value of collateral pledged	$	17,155	$	-	$	-	$	-	$	17,155
Total liability recognized for repurchase agreements									$	16,873

Federal Home Loan Bank Loans by Branch

				December 31,		December 31,
Interest Rate			Maturity	2022		2021
Fixed:
	3.86	%	January 3, 2023		25,000		-
	4.57	%	February 14, 2023		18,000		-
	2.46	%	March 28, 2024		5,000		5,000
	1.70	%	August 20, 2024		5,000		5,000
	0.26	%	January 3, 2022		-		25,000
	2.08	%	January 6, 2022		-		4,725
Total term loans				$	53,000	$	39,725

Maturities of Borrowed Funds

Following are maturities of borrowed funds as of December 31, 2022 (in thousands):

2023	$	229,886
2024		10,000
2025		-
2026		-
2027		-
Thereafter		17,392
Total borrowed funds	$	257,278