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BORROWED FUNDS
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
BORROWED FUNDS BORROWED FUNDS
At December 31, 2022 and 2021, borrowed funds consisted of the following ($ in thousands):
20222021
FHLB advances$130,100 $— 
Total$130,100 $— 
In 2022, each advance from the FHLB was payable at its maturity date, with a prepayment penalty for fixed rate advances. Interest was payable monthly at rates ranging from 4.55% to 4.58% Advances due to the FHLB are collateralized by a blanket lien on first mortgage loans in the amount of the outstanding borrowings, FHLB capital stock, and amounts on deposit with the FHLB. In 2022, advances due to the FHLB were collateralized by $3.651 billion in loans. Based on this collateral and holdings of FHLB stock, the Company is eligible to borrow up to a total of $1.679 billion and $1.478 billion at December 31, 2022 and 2021, respectively.
Payments over the next five years are as follows ($ in thousands):
2023$130,100 
2024— 
2025— 
2026— 
2027—