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Repurchase Agreements and Other Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2023
Repurchase Agreements And Other Borrowings [Abstract] |
Schedule of Borrowings | As of December 31, 2023 and 2022 borrowings consisted of the following (in thousands):
|  | 2023 |  |  | 2022 |
Securities sold under agreements to repurchase |  | $ | 213,721 |  |  | $ | 221,414 |
Federal Home Loan Bank-overnight |  |  | - |  |  |  | 65,000 |
Federal Home Loan Bank (FHLB) fixed-term advances |  |  | 263,787 |  |  |  | 400,071 |
Subordinated debt |  |  | 106,755 |  |  |  | 94,553 |
Junior subordinated debentures |  |  | 24,058 |  |  |  | 19,364 |
Total |  | $ | 608,321 |  |  | $ | 800,402 |
Aggregate Annual Maturities of Long-Term Borrowings | Aggregate annual maturities of FHLB advances and debt (excluding unamortized discounts and premiums) at December 31, 2023 are (in thousands):
|  |  |  |  | Subordinated |  |  | Jr. Subordinated |
|  | FHLB |  |  | Debt |  |  | Debentures |
2024 |  | $ | 60,000 |  |  | $ | — |  |  | $ | — |
2025 |  |  | 8,606 |  |  |  | — |  |  |  | 4,124 |
2026 |  |  | 25,000 |  |  |  | — |  |  |  | — |
2027 |  |  | 50,000 |  |  |  | — |  |  |  | — |
2028 |  |  | 100,000 |  |  |  | — |  |  |  | — |
Thereafter |  |  | 20,000 |  |  |  | 111,000 |  |  |  | 21,651 |
|  |  | 263,606 |  |  |  | 111,000 |  |  |  | 25,775 |
Unamortized discount |  |  | 181 |  |  |  | (4,245 | ) |  |  | (1,717 | )
|  | $ | 263,787 |  |  | $ | 106,755 |  |  | $ | 24,058 |
Federal Home Loan Bank, Advances | FHLB advances represent borrowings by First Mid Bank to fund loan demand. At December 31, 2023 the advances totaling $263.6 million were as follows:
Advance |  | Term (in years) |  | Interest Rate |  | Maturity Date
$25,000,000 |  | 1.5 |  | 4.69% |  | May 10, 2024
25,000,000 |  | 2.0 |  | 4.59% |  | November 8, 2024
10,000,000 |  | 5.0 |  | 1.45% |  | December 31, 2024
5,000,000 |  | 5.0 |  | 0.91% |  | March 10, 2025
3,605,826 |  | 10.0 |  | 2.64% |  | December 23, 2025
25,000,000 |  | 3.0 |  | 4.40% |  | June 15, 2026
50,000,000 |  | 4.0 |  | 3.49% |  | December 8, 2027
25,000,000 |  | 5.0 |  | 3.47% |  | March 13, 2028
25,000,000 |  | 5..0 |  | 3.67% |  | June 15, 2028
25,000,000 |  | 5.0 |  | 3.82% |  | June 29, 2028
25,000,000 |  | 5.0 |  | 3.95% |  | June 29, 2028
5,000,000 |  | 10.0 |  | 1.15% |  | October 3, 2029
5,000,000 |  | 10.0 |  | 1.12% |  | October 3, 2029
10,000,000 |  | 10.0 |  | 1.39% |  | December 31, 2029
Securities Underlying the Repurchase Agreements |
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Securities sold under agreements to repurchase: |  |  |  |  |  |  |  |  |
Maximum outstanding at any month-end |  | $ | 231,650 |  |  | $ | 257,061 |  |  | $ | 212,503 |
Average amount outstanding for the year |  |  | 225,307 |  |  |  | 202,242 |  |  |  | 173,762 |
Schedule of Securities Financing Transactions | Repurchase agreements by class of collateral pledged are as follows (in thousands):
|  | December 31, 2023 |  |  | December 31, 2022 |
US Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 46,544 |  |  | $ | 47,775 |
Mortgage-backed securities: GSE: residential |  |  | 167,177 |  |  |  | 173,639 |
Total |  | $ | 213,721 |  |  | $ | 221,414 |

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