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Borrowings
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Borrowings

6. BORROWINGS

 

Customer Repurchase Agreements

 

The Bank offers a repurchase agreement product to its customers. This product, known as Citizens Sweep Manager, sells our investment securities overnight to our customers under an agreement to repurchase them the next day at a price which reflects the market value of the use of funds by the Bank for the period concerned. These repurchase agreements are signed with customers who want to invest their excess deposits, above a pre-determined balance in a demand deposit account, in order to earn interest. As of March 31, 2025, total funds borrowed under these agreements were $276.2 million with a weighted average interest rate of 1.24%, compared to $261.9 million with a weighted average interest rate of 0.72% at December 31, 2024.

 

Federal Home Loan Bank Advances and Other Borrowings

 

As of March 31, 2025, total borrowings were $500 million and consisted of advances from the FHLB, at an average rate of 4.6%. The FHLB advances include $300 million, at a fixed rate of 4.73%, maturing in May 2026, and $200 million, at a fixed rate of 4.27%, maturing in May 2027.

 

 

At March 31, 2025, $4.36 billion of loans and $4.69 billion of investment securities, at carrying value, were pledged to secure FHLB advances, public deposits, repurchase agreements, borrowing lines, and for other purposes as required or permitted by law.