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Borrowings | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Borrowings | Note 9 - Borrowings 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 | %
Securities sold under agreements to repurchase are accounted for as secured borrowings. For securities sold under agreements to repurchase, the Company is required to pledge collateral with value sufficient to fully collateralize borrowings. 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 |
At December 31, 2024, the Company had available secured lines of credit totaling $4.0 billion, inclusive of lendable collateral of $2.6 billion and $1.4 billion at the Federal Reserve and the FHLB, respectively. Of the $1.4 billion at the FHLB, $245.0 million was outstanding at December 31, 2024. During 2024, the average interest rate on FHLB borrowings was 4.20% and the weighted-average interest rate on balances outstanding at December 31, 2024 was 4.19%. 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 |
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.
Interest on the trust preferred securities is calculated on the basis of 3-month SOFR plus spread and is re-set quarterly. The trust preferred securities may be redeemed without penalty, upon approval of the FRB or upon occurrence of certain events affecting their tax or regulatory capital treatment. The proceeds of the offering of trust preferred securities and common equity securities were used by SBCF Capital Trust I and SBCF Statutory Trust II to purchase the $41.2 million junior subordinated deferrable interest notes issued by the Company, and by SBCF Statutory Trust III to purchase the $12.4 million junior subordinated deferrable interest notes issued by the Company, all of which have terms substantially similar to the trust preferred securities. The Company has the right to defer payments of interest on the notes at any time or from time to time at the Company's election. Interest can be deferred for a period not longer than five years. If the Company elects to defer interest, it may not, with certain exceptions, declare or pay any dividends or distributions on its capital stock or purchase or acquire any of its capital stock. As of December 31, 2024, 2023 and 2022, all interest payments on trust preferred securities were current. Distributions on the trust preferred securities are payable quarterly. The Company has entered into agreements to guarantee the payments of distributions on the trust preferred securities and payments of redemption of the trust preferred securities. Under these agreements, the Company also agrees, on a subordinated basis, to pay expenses and liabilities of the Trusts other than those arising under the trust preferred securities. The obligations of the Company under the junior subordinated notes, the trust agreement establishing the Trusts, the guarantees and agreements as to expenses and liabilities, in aggregate, constitute a full and conditional guarantee by the Company of the Trusts' obligations under the trust preferred securities. In 2022, the Company obtained $12.3 million in senior notes through the acquisition of Apollo. Contractual interest is paid on a semiannual basis at a fixed rate of 5.50% until October 30, 2025, at which point the rate converts to a floating rate of 3-month SOFR plus 533 basis points. At and after October 30, 2025, the notes are redeemable at par. The debt was recorded at fair value, resulting in a $0.4 million premium that is being amortized into interest expense over the remaining term to maturity. In 2023, the Company acquired $25.0 million in subordinated debt through the acquisition of Professional. Contractual interest is paid on a semiannual basis at a fixed interest rate of 3.375% until January 30, 2027, at which point the rate converts to a 3-month SOFR rate plus 203 basis points paid quarterly. At and after January 30, 2027, the notes are redeemable at par. The debt was recorded at fair value, resulting in a $3.9 million discount that is being accreted into interest expense over the remaining term to maturity.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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