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Short Term Borrowings | 3 Months Ended
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Mar. 31, 2026
Short-Term Debt [Abstract] |
Short Term Borrowings | 5. Short-term Borrowings Short-term borrowings include Federal Home Loan Bank (FHLB) advances totaling $700 million as of March 31, 2026 and $400 million as of December 31, 2025. At March 31, 2026, FHLB advances outstanding was comprised of five fixed-rate notes with a weighted average interest rate of 3.83% and maturity dates ranging from April 27, 2026 through August 31, 2026. At December 31, 2025, FHLB advances outstanding consisted of one fixed-rate note bearing interest at 3.62% entered into on December 31, 2025, that matured on January 2, 2026. 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 $660.1 million and $546.9 million at March 31, 2026 and December 31, 2025, 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 $0.3 million at March 31, 2026 and $70.4 million at December 31, 2025, 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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