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Borrowings

6 Months Ended

Jun. 30, 2025

7. Borrowings

Short-term borrowings:

Period–end short-term borrowings were comprised of the following:


(Dollar amounts in thousands)	June 30, 2025		December 31, 2024
Federal Funds Purchased	$	118,500	$	154,250
Repurchase Agreements		31,012		32,807
	$	149,512	$	187,057

The Corporation enters into sales of securities under agreements to repurchase. The amounts received under these agreements represent short-term borrowings and are reflected as a liability in the consolidated balance sheets. The securities underlying these agreements are included in investment securities in the consolidated balance sheets. The Corporation has no control over the market value of the securities, which fluctuates due to market conditions. However, the Corporation is obligated to promptly transfer additional securities if the market value of the securities falls below the repurchase agreement price. The Corporation manages this risk by maintaining an unpledged securities portfolio that it believes is sufficient to cover a decline in the market value of the securities sold under agreements to repurchase.

Collateral pledged to repurchase agreements by remaining maturity are as follows:

June 30, 2025

Repurchase Agreements

Remaining Contractual Maturity of the Agreements

Overnight

Greater

and

Up to 30

30 - 90

than 90

(Dollar amounts in thousands)

continuous

days

Total

Mortgage Backed Securities - Residential and Collateralized
Mortgage Obligations

26,855

350

—

3,807

31,012

December 31, 2024

Repurchase Agreements

Remaining Contractual Maturity of the Agreements

Overnight

Greater

and

Up to 30

30 - 90

than 90

(Dollar amounts in thousands)

continuous

days

Total

Mortgage Backed Securities - Residential and Collateralized
Mortgage Obligations

24,380

552

5,150

2,725

32,807

Other borrowings:

Other borrowings at June 30, 2025 and December 31, 2024 are summarized as follows:


(Dollar amounts in thousands)	June 30, 2025		December 31, 2024
FHLB advances	$	106,010	$	7,287
Notes payable		16,667		20,833
TOTAL	$	122,677	$	28,120

The aggregate minimum annual retirements of other borrowings are as follows:

Twelve Months Ended June 30,


2026	$	105,053
2027		16,667
2028		957
2029		—
2030		—
Thereafter		—
	$	122,677

At June 30, 2025 and December 31, 2024, other borrowings are summarized as follows: The Corporation’s subsidiary bank is a member of the Federal Home Loan Bank (FHLB) and accordingly are permitted to obtain advances. There are $106.0 million of advances from the FHLB at June 30, 2025, and $7.3 million of advances at December 31, 2024. FHLB advances are, generally due in full at maturity. They are secured by eligible securities and a blanket pledge on real estate loan collateral. In addition the Corporation secured a note payable to a commercial bank in the second quarter 2024. The balance at June 30, 2025 is $16.7 million.