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BORROWINGS
 12 Months Ended
Dec. 31, 2024
BORROWINGS  
BORROWINGS

​

NOTE H:  BORROWINGS

Outstanding borrowings at December 31 are as follows:

​

​

​

​

​

​

​

​

(000’s omitted)

​

2024

​

2023

Securities sold under agreement to repurchase, short term

​

$

261,553

​

$

304,595

Overnight borrowings

​

 

118,000

​

 

53,000

FHLB and other borrowings, includes discount of $102 and $217, respectively

​

 

619,312

​

 

407,603

Total borrowings

​

$

998,865

​

$

765,198

​

FHLB advances are collateralized by a blanket lien on the Company’s residential real estate loan portfolio and various investment securities.

Securities sold under agreement to repurchase, overnight borrowings and FHLB borrowings at December 31, 2024 have contractual maturity dates as follows:

​

​

​

​

​

​

​

​

​

    

​

    

Weighted-average

 

​

​

Carrying

​

Rate at

 

(000’s omitted, except rate)

​

Value

​

December 31, 2024

 

January 2, 2025

​

$

379,553

 

2.42

%

January 7, 2025

​

​

4,996

​

2.78

%

January 29, 2025

​

 

4,994

 

2.59

%

February 28, 2025

​

 

1,990

 

1.38

%

October 1, 2025

​

 

234

 

1.50

%

March 1, 2027

​

 

1,917

 

1.55

%

June 7, 2027

​

 

50,000

 

4.47

%

June 14, 2027

​

 

50,000

 

4.38

%

June 21, 2027

​

​

50,000

​

4.40

%

August 23, 2027

​

​

100,000

​

3.73

%

August 10, 2028

​

​

254,380

​

4.67

%

December 7, 2028

​

 

91,680

 

4.54

%

March 1, 2029

​

 

454

 

2.50

%

Total

​

$

990,198

 

2.21

%

​

Interest on borrowings recorded in the consolidated statements of income consists of the following for the years ended December 31:
​

​

​

​

​

​

​

​

​

​

​

(000’s omitted)

    

2024

    

2023

    

2022

Interest on overnight borrowings

​

$

4,851

​

$

9,349

​

$

6,518

Interest on Federal Reserve short-term borrowings

​

 

2,643

​

 

0

​

 

0

Interest on securities sold under agreement to repurchase, short-term

​

 

4,584

​

 

3,094

​

 

998

Interest on FHLB and other borrowings

​

 

22,813

​

 

6,285

​

 

386

Interest on subordinated notes payable

​

 

0

​

 

38

​

 

153

Total interest on borrowings

​

$

34,891

​

$

18,766

​

$

8,055

​

The weighted-average interest rate on borrowings for the years ended December 31, 2024 and 2023 was 3.80% and 2.97%, respectively.

The Bank has an unused line of credit of $25.0 million at December 31, 2024. The Bank has unused borrowing capacity of approximately $1.19 billion through collateralized transactions with the FHLB and $2.67 billion through collateralized transactions with the Federal Reserve.

During 2024, the Company secured $250.0 million of fixed rate FHLB term borrowings. The borrowings consist of: three $50.0 million advances that are putable at the option of the FHLB in June 2025 and mature in June 2027 if the option is not exercised, at interest rates ranging from 4.38% to 4.47%; one $100.0 million advance that is putable at the option of the FHLB in August 2025 and matures in August 2027 if the option is not exercised, at a rate of 3.73%. The Company also secured $300.0 million in short - term borrowings through the Bank Term Funding Program at the Federal Reserve at a rate of 4.87%, to fund expected net loan growth. These short - term borrowings matured during March 2024 and the Bank Term Funding Program has ceased making new loans as of March 11, 2024.

During 2023, the Company secured $400.0 million of fixed rate FHLB term borrowings. The borrowings consist of a $100.0 million five year fixed rate advance with a rate of 4.50% and a $200.0 million five year monthly amortizing advance with a rate of 4.78%, both of which have contractual final maturity dates in August 2028, as well as a $50.0 million five year fixed rate advance with a rate of 4.44% and a $50.0 million five year monthly amortizing advance with a rate of 4.65%, both of which have contractual final maturity dates in December 2028.