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Borrowings | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Borrowings | Borrowings The following is a summary of borrowings by type. Short-term borrowings consist of overnight borrowings and term borrowings with an original maturity of one year or less.
| At June 30, 2025 |  | At December 31, 2024
(Dollars in thousands) | Balance at End of Period |  | Weighted Average Interest Rate at End of Period |  | Balance at End of Period |  | Weighted Average Interest Rate at End of Period
Short-term borrowings: |  |  |  |  |  |  |
Customer repurchase agreements | $ | 6,271 |  |  | 0.05 | % |  | $ | 11,181 |  |  | 0.05 | %
Long-term debt: |  |  |  |  |  |  |
FHLB advances | $ | 200,000 |  |  | 4.20 |  |  | $ | 225,000 |  |  | 4.35 | %
Subordinated notes | 149,511 |  |  | 6.08 |  |  | 149,261 |  |  | 6.08 |
The Corporation, through the Bank, has a credit facility with the Federal Home Loan Bank (the FHLB) that had a maximum borrowing capacity of approximately $3.2 billion and $3.3 billion at June 30, 2025 and December 31, 2024, respectively. All borrowings and letters of credit from the FHLB are secured by qualifying commercial real estate and residential mortgage loans, investments and other assets. The Bank had outstanding short-term letters of credit with the FHLB totaling $1.1 billion and $1.3 billion at June 30, 2025 and December 31, 2024, respectively, which were utilized to collateralize public funds deposits and other secured deposits. The maximum borrowing capacity with the FHLB changes as a function of the Bank’s qualifying collateral assets as well as the FHLB’s internal credit rating of the Bank. The available borrowing capacity from the FHLB totaled $1.9 billion and $1.7 billion at June 30, 2025 and December 31, 2024, respectively. The Corporation, through the Bank, holds investment securities at the Federal Reserve Bank of Philadelphia (the FRB) to provide access to the Discount Window Lending program. The Bank participates in the FRB Borrower in Custody program, which provides additional committed borrowing capacity for the Bank through the Discount Lending Window program based upon select loans pledged to the FRB. The total borrowing capacity based upon the qualifying pledged commercial loans and held investment securities was $414.5 million and $397.2 million at June 30, 2025 and December 31, 2024, respectively. At June 30, 2025 and December 31, 2024, the Corporation had no outstanding borrowings under the Discount Window Lending program. The Corporation has a $10.0 million committed line of credit with a correspondent bank. At June 30, 2025 and December 31, 2024, the Corporation had no outstanding borrowings under this line. The Corporation and the Bank had $3.6 billion and $3.7 billion of committed borrowing capacity at June 30, 2025 and December 31, 2024, respectively, of which $2.3 billion and $2.1 billion was available as of June 30, 2025 and December 31, 2024, respectively. The Corporation, through the Bank, also maintained uncommitted funding sources from correspondent banks of $469.0 million and $468.0 million at June 30, 2025 and December 31, 2024, respectively. Future availability under these lines is subject to the prerogatives of the granting banks and may be withdrawn at will. Long-term advances with the FHLB of Pittsburgh mature as follows:
(Dollars in thousands) | As of June 30, 2025 |  | Weighted Average Rate
Remainder of 2025 | $ | — |  |  | — | %
2026 | 100,000 |  |  | 4.29 |
2027 | 25,000 |  |  | 3.99 |
2028 | 40,000 |  |  | 4.33 |
2029 | 25,000 |  |  | 3.91 |
Thereafter | 10,000 |  |  | 3.94 |
Total | $ | 200,000 |  |  | 4.20 | %

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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