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Short-Term Debt | 12 Months Ended
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Dec. 31, 2024
Short-Term Debt [Abstract] |
Short-Term Debt | BORROWINGS The Company had short-term and long-term funding with the Federal Home Loan Bank ("FHLB") in the form of collateralized advances in conjunction with FHLB stock ownership. Financing obtained from the FHLB is based, in part, on the amount of qualifying collateral available, specifically 1-4 family residential mortgages, other residential mortgages, and commercial real estate and other non-residential mortgage loans. Additionally, the Company had other short-term borrowings throughout 2024 from federal funds purchased from the Federal Reserve Discount Window which provide a source of short-term funds to ensure adequate liquidity. Federal funds purchased are short-term borrowings from correspondent banks that typically mature within one to ninety days and are collateralized by similar qualifying assets required for FHLB collateralized advances. Interest on federal funds purchased is set daily by the correspondent bank based on prevailing market rates. Further, the Company utilizes securities sold under agreements to repurchase as a liquidity management tool. Securities sold under agreements to repurchase include interests in government agency and municipal securities. These agreements mature daily at par. The Company has approximately 35,900 shares of FHLB stock at par value as of December 31, 2024. Purchases of FHLB stock are required based on the Company’s maximum borrowing capacity with the FHLB. In addition to the short-term and long-term collateralized advances, FHLB stock entitles the Company to receive dividends declared by the FHLB. Collateral pledged to the FHLB and Federal Reserve Discount Window was approximately $1.7 billion at December 31, 2024 and $2.0 billion at December 31, 2023 and consisted primarily of 1-4 family residential property loans. City National had an additional $1.5 billion and $1.9 billion available from unuse d portions of lines of credit with the FHLB and Federal Reserve Discount Window at December 31, 2024 and 2023, respectively. No short-term or long-term funding has been utilized with certain other financial institutions the Company maintains business relationships as of December 31, 2024 or December 31, 2023. Short-term borrowings A summary of the Company's borrowings is as follows (dollars in thousands):
| 2024 | 2023 | 2022
Balance at end of year: |  |  |
Securities sold under agreements to repurchase | $ | 325,655 |  | $ | 309,856 |  | $ | 290,964 |
FHLB short-term advances | — |  | 25,000 |  | — |
Weighted-average interest rate at end of year: |  |  |
Securities sold under agreements to repurchase | 4.74 | % | 3.86 | % | 0.76 | %
FHLB short-term advances | — |  | 5.63 |  | — |
Average balance outstanding during the year: |  |  |
Securities sold under agreements to repurchase | $ | 336,447 |  | $ | 289,480 |  | $ | 284,570 |
FHLB short-term advances | 908 |  | 847 |  | 3 |
Federal Funds purchased | 13 |  | 113 |  | 38 |
Weighted-average interest rate during the year: |  |  |
Securities sold under agreements to repurchase | 4.59 | % | 4.13 | % | 0.78 | %
FHLB short-term advances | 5.74 |  | 5.76 |  | 0.26 |
Federal Funds purchased | 4.66 |  | 5.74 |  | 0.25 |
Long-term borrowings The Company's long-term collateralized advances from the FHLB and related weighted-average interest rates are as follows (dollars in thousands):
| 2024 | 2023
Balance at end of year: |  |
FHLB long-term advances | $ | 150,000 |  | $ | 100,000 |
Weighted-average interest rate at end of year: |  |
FHLB long-term advances | 4.14 | % | 4.01 | %
As of December 31, 2024, the maturities of the FHLB long-term advances are as follows (in thousands):
2025 | $ | — |
2026 | — |
2027 | 50,000 |
2028 | 50,000 |
2029 and thereafter | 50,000 |
| $ | 150,000 |

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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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