Note 7 - Borrowings and Subordinated Debt

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Debt Disclosure [Text Block]

7.         Borrowings and Subordinated Debt

The Company maintains a borrowing agreement with the FHLB of Pittsburgh with an available funding capacity of approximately $472 million as of September 30, 2025. This agreement is subject to annual renewal, incurs no service charges, and is secured by FHLB stock and a blanket security agreement on outstanding residential mortgage loans.

Federal Home Loan Bank advances consist of separate loans with the FHLB of Pittsburgh as of   September 30, 2025 and  December 31, 2024 as follows (dollars in thousands):

	2025					2024
			Weighted					Weighted
	Amount		Average Rate			Amount		Average Rate
FHLB fixed-rate advances maturing:
2025	$	2,500		4.58	%	$	37,550		4.40	%
2026		4,500		4.02			4,500		4.02
2027		500		1.19			500		1.19
2029		500		1.22			500		1.22
Total	$	8,000				$	43,050

Subordinated Debt

As part of the acquisition of Northumberland, the Company acquired previously issued $10 million of subordinated debt. The subordinated debt has a term of 10 years, maturing in June 2031, and a contractual fixed interest rate of 4.50% through June 30, 2026. The effective rate is 4.70%, which includes the amortization of issuance costs. Subsequent to June 30, 2026, the interest rate will be floating, based on the 90-day average Secured Overnight Financing Rate (“SOFR”) plus 382 basis points. Interest is paid semi-annually in June and December.

The Company may redeem or prepay any or all of the subordinated debt, in whole or in part, without premium or penalty, at any time on or after June 30, 2026, and prior to the maturity date at a price of 100% of the principal amount, plus interest accrued and unpaid to the date of redemption or prepayment.