Borrowings

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Borrowings

NOTE 7 – BORROWINGS

Short-term borrowings

Short-term borrowings include overnight repurchase agreements, federal funds purchased, and short-term advances through the FHLB. The outstanding balances and related information for short-term borrowings are summarized as follows:

(Dollars in thousands)	2023			2022
Balance at year-end	$	35,843		$	32,550
Average balance outstanding		32,478			37,367
Maximum month-end balance		37,479			39,073
Weighted-average rate at year-end		1.18	%		0.80	%
Weighted-average rate during the year		1.03			0.28

Average balances outstanding during the year represent daily average balances; average interest rates represent interest expenses divided by the related average balances.

The following table provides additional detail regarding the collateral pledged to secure repurchase agreements accounted for as secured borrowings:

	Remaining Contractual Maturity Overnight and Continuous
(Dollars in thousands)	December 31, 2023		December 31, 2022
Securities of U.S. Government agencies and mortgage-backed securities of    government agencies pledged, fair value	$	36,002	$	32,775
Repurchase agreements		35,843		32,550

Other borrowings

The following table sets forth information concerning other borrowings:

	Maturity Range		Weighted Average Interest			Stated Interest Rate Range						At December 31,
(Dollars in thousands)	From	To	Rate			From			To			2023		2022
Fixed-rate amortizing	4/1/24	6/1/37		1.97	%		1.16	%		2.01	%	$	1,754	$	2,461

Maturities of other borrowings on December 31, 2023, are summarized as follows for the years ended December 31:

(Dollars in thousands)	Amount		Weighted Average Rate
2024	$	488		1.94	%
2025		349		1.98
2026		262		1.98
2027		195		1.99
2028		144		1.99
2029 and beyond		316		1.99
Total other borrowings	$	1,754		1.97	%

Monthly principal and interest payments, as well as 10% – 20% principal curtailments on the borrowings’ anniversary dates are due on the fixed-rate amortizing borrowings. FHLB borrowings are secured by a blanket collateral agreement on all one-to-four family residential real estate loans. On December 31, 2023, the Company had the capacity to borrow an additional $128 million from the FHLB.