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Short Term Borrowings | 12 Months Ended
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Dec. 31, 2024
Short-Term Debt [Abstract] |
Short-Term Borrowings | Short-Term Borrowings Short-term borrowings were as follows:
December 31 (In thousands) |  | 2024 |  | 2023
Securities sold under agreements to repurchase |  | $ | 90,432 |  |  | $ | 108,182 |
FHLB advances |  | — |  |  | 220,000 |
Total short-term borrowings |  | $ | 90,432 |  |  | $ | 328,182 |
The outstanding balances for all short-term borrowings as of December 31, 2024 and 2023 and the weighted-average interest rates as of and paid during each of the years then ended were as follows:
(In thousands) |  | Repurchase agreements |  | FHLB Advances
2024 |  |  |  |
Ending balance |  | $ | 90,432 |  |  | $ | — |
Highest month-end balance |  | 108,858 |  |  | 185,000 |
Average daily balance |  | 95,803 |  |  | 24,794 |
Weighted-average interest rate: |  |  |  |
As of year-end |  | 1.49 | % |  | — | %
Paid during the year |  | 1.83 | % |  | 5.58 | %
2023 |  |  |  |
Ending balance |  | $ | 108,182 |  |  | $ | 220,000 |
Highest month-end balance |  | 218,126 |  |  | 247,000 |
Average daily balance |  | 146,388 |  |  | 36,634 |
Weighted-average interest rate: |  |  |  |
As of year-end |  | 1.88 | % |  | 5.44 | %
Paid during the year |  | 1.76 | % |  | 5.83 | %
During 2023 and 2024, outstanding FHLB advances were collateralized by investment securities owned by PNB and by various loans pledged under a blanket agreement by PNB. At December 31, 2024 and December 31, 2023, $3.9 million and $5.2 million, respectively, of investment securities were pledged as collateral for FHLB advances. At December 31, 2024 and December 31, 2023, $2,112 million and $1,959 million, respectively, of commercial real estate and residential mortgage loans were pledged under a blanket agreement to the FHLB by PNB. See Note 15 - Repurchase Agreement Borrowings for information related to investment securities collateralizing repurchase agreements.

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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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