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Short Term Borrowings | 6 Months Ended
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Jun. 30, 2025
Short-Term Debt [Abstract] |
Short Term Borrowings | 6. Short term borrowings Short-term borrowings include Federal Home Loan Bank (FHLB) advances totaling $400.0 million as of June 30, 2025. There were no FHLB advances outstanding at December 31, 2024. At June 30, 2025, FHLB advances outstanding was comprised of one 11-day instrument with a fixed interest rate of 4.38% that matured on July 1, 2025. As short-term advances mature, they are generally paid off and replaced with new short-term FHLB advances, if warranted, depending on funding needs. Also included in short-term borrowings are securities sold under agreements to repurchase that mature daily and are secured by U.S. agency securities totaling $534.6 million and $638.7 million at June 30, 2025 and December 31, 2024, respectively. The Company borrows funds on a secured basis by selling securities under agreements to repurchase, mainly in connection with treasury management services offered to its deposit customers. As the Company maintains effective control over assets sold under agreements to repurchase, the securities continue to be carried on the consolidated statements of financial condition. Because the Company acts as borrower transferring assets to the counterparty, and the agreements mature daily, the Company’s risk is limited. The remaining balances in short-term borrowings of $110.3 million and $0.3 million at June 30, 2025 and December 31, 2024, respectively, are federal funds purchased, which are unsecured borrowings from other banks, generally on an overnight basis.

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- Definition The entire disclosure for short-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
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