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Short-Term Borrowings

12 Months Ended

Dec. 31, 2024

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:

(In Thousands)

Mortgage-backed securities – GNMA, FNMA, FHLMC