Borrowings

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Borrowings

NOTE 8 – 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)	2021			2020
Balance at year-end	$	36,530		$	37,215
Average balance outstanding		38,680			43,017
Maximum month-end balance		39,665			48,865
Weighted-average rate at year-end		0.12	%		0.14	%
Weighted-average rate during the year		0.14			0.21

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, 2021		December 31, 2020
Securities of U.S. Government agencies and mortgage-backed securities of    government agencies pledged, fair value	$	36,737	$	37,393
Repurchase agreements		36,530		37,215

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			2021		2020
Fixed-rate amortizing	4/1/24	6/1/37		1.92	%		1.16	%		2.01	%	$	3,407	$	4,664

Maturities of other borrowings on December 31, 2021, are summarized as follows for the years ended December 31:

(Dollars in thousands)	Amount		Weighted Average Rate
2022		946		1.86	%
2023		707		1.87
2024		488		1.94
2025		349		1.98
2026		262		1.98
2027 and beyond		655		1.99
	$	3,407		1.92	%

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 December 31, 2021, the Company had the capacity to borrow an additional $107.1 million from the FHLB.