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BORROWINGS

3 Months Ended

Mar. 31, 2025

BORROWINGS

BORROWINGS

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8.BORROWINGS

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Borrowed funds at March 31, 2025 and December 31, 2024 consisted of FHLB advances. Short-term advances were $155.0 million and $212.0 million with a weighted average rate of 4.53% and 4.50%, at March 31, 2025 and December 31, 2024, respectively. Long-term borrowings are summarized by maturity date below.

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March 31, 2025

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December 31, 2024

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Amount by

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Weighted

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Amount by

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Weighted

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Scheduled

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Amount by

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Average

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Scheduled

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Amount by

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Average

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Maturity*

Call Date (1)

Rate (2)

Maturity*

Call Date (1)

Rate (2)

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(dollars in thousands)

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Year ending December 31:

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2025

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$

987

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170,987

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—

%

$

60,987

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230,987

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4.32

%

2026

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75,000

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40,000

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4.39

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75,000

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40,000

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4.39

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2027

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85,000

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—

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4.17

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85,000

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—

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4.17

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2028

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59,198

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19,198

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4.04

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59,198

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19,198

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4.04

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2029

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23,128

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13,128

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4.06

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23,128

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13,128

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4.06

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2030

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—

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—

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—

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—

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—

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—

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2031 and thereafter

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1,234

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1,234

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1.68

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1,242

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1,242

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1.68

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$

244,547

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244,547

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4.17

%

$

304,555

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$

304,555

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4.21

%

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* Includes an amortizing advance requiring monthly principal and interest payments.

⁽¹⁾ Callable FHLB advances are shown in the respective periods assuming that the callable debt is redeemed at the call date, while all other advances are shown in the periods corresponding to their scheduled maturity date. There were 9 callable advances at March 31, 2025.

⁽²⁾ Weighted average rates are based on scheduled maturity dates.

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The FHLB advances are secured by a blanket security agreement which requires the Bank to maintain certain qualifying assets as collateral, principally residential mortgage loans and commercial real estate loans held in the Bank’s portfolio. The carrying value of the loans pledged as collateral for these borrowings totaled $2.10 billion at March 31, 2025 and $2.16 billion at December 31, 2024. As of March 31, 2025, the Company had $762.0 million of available borrowing capacity with the FHLB.

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The Federal Reserve Discount Window extends credit based on eligible collateral. At March 31, 2025, the Bank had $629.4 million of borrowing capacity at the FRBB secured by pledged loans and securities whose collateral value was $362.1 million and $267.3 million, respectively. At March 31, 2025, there was no balance outstanding. The Company also has additional borrowing capacity under a $25.0 million unsecured federal funds line with a correspondent bank.

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X

- References

No definition available.

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X

- Definition

The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(13)(3)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 470
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478878/942-470-45-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 470
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-1

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