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Short-Term Borrowings | 12 Months Ended
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Dec. 31, 2024
Short-Term Borrowings. |
Short-Term Borrowings | Note 9: Short-Term Borrowings Short-term borrowings at December 31, 2024 and 2023, are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
​ | ​ | (In Thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​
Notes payable – Community Development Equity Funds | ​ | $ | 1,247 | ​ | $ | 1,610
Securities sold under reverse repurchase agreements | ​ |  | 64,444 | ​ |  | 70,843
Short-term borrowings from Federal Reserve Bank | ​ |  | 180,000 | ​ |  | —
Overnight borrowings from the Federal Home Loan Bank | ​ |  | 333,000 | ​ |  | 251,000
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | 578,691 | ​ | $ | 323,453
​ Short-term borrowings from the Federal Reserve Bank at December 31, 2024, were part of the Federal Reserve Bank’s Bank Term Funding Program (BTFP). The BTFP borrowing, which matured in January 2025 and had a fixed interest rate of 4.83%, could be repaid in full or in part without penalty prior to its stated maturity date. The line was secured primarily by the Bank’s held-to-maturity investment securities, with assets pledged totaling approximately $187.7 million as of December 31, 2024. This BTFP borrowing was repaid in January 2025. The Bank enters into sales of securities under agreements to repurchase (reverse repurchase agreements). Reverse repurchase agreements are treated as financings, and the obligations to repurchase securities sold are reflected as a liability in the statements of financial condition. The dollar amount of securities underlying the agreements remains in the asset accounts. Securities underlying the agreements are being held by the Bank during the agreement period. All agreements are written on a term of one-month or less. Short-term borrowings had weighted average interest rates of 4.32% at December 31, 2024, compared to 4.76% at December 31, 2023. Short-term borrowings averaged approximately $433.8 million and $225.1 million for the years ended December 31, 2024 and 2023, respectively. The maximum amounts outstanding at any month end were $578.7 million and $410.6 million, respectively, during those same years. The following table represents the Company’s securities sold under reverse repurchase agreements, which contractually mature daily, at December 31, 2024 and 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
​ |  | ​ | (In Thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​
Mortgage-backed securities – GNMA, FNMA, FHLMC | ​ | $ | 64,444 | ​ | $ | 70,843
​

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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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