Borrowings

12 Months Ended

Dec. 31, 2021

Borrowings [Abstract]

Borrowings

NOTE 10, Borrowings

Short-Term Borrowings

The Company classifies all borrowings that will mature within a year from the date on which the Company enters into them as short-term borrowings. Short-term borrowings sources consist of federal funds purchased, overnight repurchase agreements (which are secured transactions with customers that generally mature within one to four days), and advances from the FHLB.

The Company maintains federal funds lines with several correspondent banks to address short-term borrowing needs. At December 31, 2021 and 2020 the remaining credit available from these lines totaled $115.0 million and $100.0 million, respectively. The Company has a collateral dependent line of credit with the FHLB with remaining credit availability of $391.3 million and $374.7 million as of December 31, 2021 and December 31, 2020, respectively.

The following table presents total short-term borrowings as of the dates indicated (dollars in thousands):

(dollar in thousands)	December 31, 2021			December 31, 2020
Overnight repurchase agreements	$	4,536		$	6,619
Total short-term borrowings	$	4,536		$	6,619
Maximum month-end outstanding balance	$	12,239		$	9,080
Average outstanding balance during the period	$	7,293		$	21,092
Average interest rate (year-to-date)		0.10	%		0.19	%
Average interest rate at end of period		0.10	%		0.10	%

Long-Term Borrowings

At December 31, 2021 and 2020, the Company had $480 thousand and $28.6 million, respectively, outstanding in long-term FRB borrowings under PPPLF which all mature in April, 2022 and carry an interest rate of 0.35%.

The Company also obtained a loan maturing on April 1, 2023 from a correspondent bank during the second quarter of 2018 to provide partial funding for the Citizens acquisition. The terms of the loan include a LIBOR based interest rate that adjusts monthly and quarterly principal curtailments. At December 31, 2020, the outstanding balance was $1.4 million, and the then-current interest rate was 2.61%. The Company elected to pay the loan in full during the first quarter of 2021.

On July 14, 2021, the Company completed the issuance of $29.4 million, net of issuance costs, or $30.0 million in aggregate principal amount of subordinated notes (the Notes) due in 2031 in a private placement transaction.  The Notes bear interest at a fixed rate of 3.5% for five years and at the three-month SOFR plus 286 basis points, resetting quarterly, thereafter.