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Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of repurchase agreements | Repurchase agreements accounted for as secured borrowings December 31, 2024 December 31, 2023 Repurchase liability Repurchase liability Repurchase weighted average Repurchase weighted average (Dollars in thousands) liability interest rate liability interest rate U.S. Treasury securities Within 30 days $ 22,591 5.04 % $ 16,931 5.56 % After 30 to 90 days 13,813 4.71 18,369 5.60 After 90 days - - 8,292 5.73 Total U.S. Treasury securities 36,404 4.92 43,592 5.61 Mortgage-backed securities Within 30 days 4,924 4.90 27,171 5.49 After 30 to 90 days 13,505 4.88 20,394 5.71 Total mortgage-backed securities 18,429 4.89 47,565 5.58 Collateralized mortgage obligations Within 30 days - - 227 5.25 Total collateralized mortgage obligations - - 227 5.25 Total $ 54,833 4.91 % $ 91,384 5.59 %
Schedule Of Maximum Aggregate Balance Average Aggregate Balance And Weighted Average Interest Rate [Text Block] | (Dollars in thousands) 2024 2023 Maximum aggregate balance outstanding at any month-end $ 105,684 $ 150,692 Average monthly aggregate balance outstanding $ 76,156 $ 115,808 Weighted average interest rate: For the year 5.54 % 5.20 % At December 31 4.99 % 5.68 % The following table presents additional information related to the Corporation’s other short-term borrowings at December 31, 2024 and December 31, 2023. (Dollars in thousands) 2024 2023 Maximum aggregate balance outstanding at any month-end $ 225,000 $ 65,000 Average monthly aggregate balance outstanding $ 8,402 $ 27,302 Weighted average interest rate: For the year 5.40 % 4.80 % At December 31 4.67 % 5.60 %
Notes payable | The following table presents the composition of notes payable at December 31, 2024 and December 31, 2023. (In thousands) December 31, 2024 December 31, 2023 Advances with the FHLB with maturities ranging from 2025 through 2029 paying interest at monthly fixed rates ranging from 0.54 % to 5.26 % (2023 - 0.41 % to 5.26 %) $ 302,722 $ 394,665 Unsecured senior debt securities maturing on 2028 paying interest semiannually at a fixed rate of 7.25 % (2023- 7.25 %), net of debt issuance costs of $ 4,082 (2023 - $ 6,063 ) [1] 395,198 393,937 Junior subordinated deferrable interest debentures (related to trust preferred securities) maturing on 2034 with fixed interest rates ranging from 6.125 % to 6.564 % (2023 - 6.125 % to 6.564 %), net of debt issuance costs of $ 261 (2023 - $ 288 ) 198,373 198,346 Total notes payable $ 896,293 $ 986,948 [1] On March 13, 2023, the Corporation issued $ 400 million aggregate principal amount of 7.25 % Senior Notes due 2028 (the “2028 Notes”) in an underwritten public offering. The Corporation used a portion of the net proceeds of the 2028 Notes offering to redeem, on August 14, 2023, the outstanding $ 300 million aggregate principal amount of its 6.125 % Senior Notes which were due on September 2023 . The redemption price was equal to 100 % of the principal amount plus accrued and unpaid interest through the redemption date.
Borrowings by contractual maturities | A breakdown of borrowings by contractual maturities at December 31, 2024 is included in the table below. Assets sold under Short-term (In thousands) agreements to repurchase borrowings Notes payable Total 2025 $ 54,833 $ 225,000 $ 144,215 $ 424,048 2026 - - 74,500 74,500 2027 - - - - 2028 - - 439,548 439,548 2029 - - 39,657 39,657 Later years - - 198,373 198,373 Total borrowings $ 54,833 $ 225,000 $ 896,293 $ 1,176,126

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