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Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Federal Funds Purchased and Securities Sold Under Agreements to Repurchase | A significant portion of the Company's short-term borrowings were comprised of securities sold under agreements to repurchase with overnight maturities:
|  | For the Year Ended December 31,
(In thousands) |  | 2024 |  | 2023
Maximum amount outstanding at any month end |  | $ | 352,272 |  |  | $ | 374,573 |
Weighted-average interest rate at end of year |  | 2.66 | % |  | 3.48 | %
Average amount outstanding |  | $ | 269,255 |  |  | $ | 270,999 |
Weighted-average interest rate during the year |  | 3.43 | % |  | 3.07 | %
Schedule of Collateral Dependent Loans | Company securities pledged were as follows by collateral type and maturity as of:
|  | December 31,
(In thousands) |  | 2024 |  | 2023
Fair value of pledged securities - overnight and continuous: |  |  |  |
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities |  | $ | 237,074 |  |  | $ | 396,378 |
Schedule of Maturities of FHLB Borrowings | The following table details the maturities of our FHLB borrowings at December 31, 2024:
(In thousands) |  | Contractual Interest Rate |  | Carrying Value
2025 |  | N/A |  | $ | — |
2026 |  | 4.2 - 4.7% |  | 135,000 |
2027 |  | 4.1 | % |  | 90,000 |
2028 |  | N/A |  | — |
2029 |  | 3.9 | % |  | 20,000 |
Thereafter |  | N/A |  | — |
Total |  |  |  | $ | 245,000 |
Schedule of Junior Subordinated Trust Preferred Debentures and Related Common Equity Securities | The following table summarizes the Company's junior subordinated trust preferred debentures and related common equity securities as of December 31, 2024:
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Description |  | Issuance Date |  | Acquisition Date 1 |  | Maturity Date |  | Junior Subordinated Debt |  | Trust Preferred Securities |  | Common Equity Securities |  | Contractual Interest Rate |  | Interest Rate at December 31, 2024
SBCF Capital Trust I |  | 3/31/2005 |  | NA |  | 3/31/2035 |  | $ | 20,619 |  |  | $ | 20,000 |  |  | $ | 619 |  |  | 3 month SOFR +201bps |  | 6.34%
SBCF Statutory Trust II |  | 12/16/2005 |  | NA |  | 12/16/2035 |  | 20,619 |  |  | 20,000 |  |  | 619 |  |  | 3 month SOFR +159bps |  | 5.95%
SBCF Statutory Trust III |  | 6/29/2007 |  | NA |  | 6/15/2037 |  | 12,372 |  |  | 12,000 |  |  | 372 |  |  | 3 month SOFR +161bps |  | 5.97%
The BANKshares, Inc. Statutory Trust I |  | 12/19/2002 |  | 10/1/2014 |  | 12/26/2032 |  | 5,155 |  |  | 5,000 |  |  | 155 |  |  | 3 month SOFR +351bps |  | 7.84%
The BANKshares, Inc. Statutory Trust II |  | 3/17/2004 |  | 10/1/2014 |  | 3/17/2034 |  | 4,124 |  |  | 4,000 |  |  | 124 |  |  | 3 month SOFR +305bps |  | 7.40%
The BANKshares, Inc. Capital Trust I |  | 12/15/2005 |  | 10/1/2014 |  | 12/15/2035 |  | 5,155 |  |  | 5,000 |  |  | 155 |  |  | 3 month SOFR +165bps |  | 6.17%
Grand Bank Capital Trust I |  | 10/29/2004 |  | 7/17/2015 |  | 10/29/2034 |  | 7,217 |  |  | 7,000 |  |  | 217 |  |  | 3 month SOFR +198bps |  | 6.57%
|  |  |  |  |  |  |  | $ | 75,261 |  |  | $ | 73,000 |  |  | $ | 2,261 |  |  |  |  |
1 Acquired junior subordinated debentures were recorded at their acquisition date fair values, which collectively was $5.6 million lower than face value; this amount is being amortized into interest expense over the remaining term to maturity.

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