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Short Term Borrowings (Tables)

12 Months Ended

Dec. 31, 2024

Short-Term Debt [Abstract]

Schedule of short-term debt

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

Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

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- References

No definition available.

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