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Borrowings

9 Months Ended

Sep. 30, 2024

Borrowings

Borrowings

​

13. Borrowings

​

Short-term borrowings consist of FHLB overnight borrowings or advances with stated original terms of less than twelve months, Bank Term Funding Program (“BTFP”) advances and other borrowings related to collateral held from derivative counterparties. Short-term borrowings at September 30, 2024 included $24.9 million in BTFP funding,

acquired at fair value, which the Company assumed in the FNCB merger. The Federal Reserve Bank established the BTFP through the Discount Window to provide additional funding to eligible depository institutions during a period of stress. The BTFP is collateralized by high-quality securities valued at par including U.S. Treasury securities, U.S. government agency debt and mortgage-backed securities and other qualifying securities. Also included in short-term borrowings at September 30, 2024 was cash collateral pledged by derivative counterparties to offset interest rate exposure, which totaled $12.4 million at September 30, 2024 and $17.6 million at December 31, 2023.

​

The table below outlines short-term borrowings at and for the nine months ended September 30, 2024 and at and for the year ended December 31, 2023:   

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At and for the nine months ended September 30, 2024

​

​

​

​

​

​

​

​

​

​

​

Weighted

​

Weighted

​

​

​

​

​

​

​

​

Maximum

​

Average

​

Average

​

​

Ending

​

Average

​

Month-End

​

Rate for

​

Rate at End

(Dollars in thousands, except percents)

Balance

Balance

Balance

the Year

of the Period

FHLB advances - Overnight

$

​

$

8,993

$

83,900

5.53

%

​

%

Federal Reserve Bank - BTFP

​

​

24,936

​

​

8,270

​

​

24,936

​

4.83

​

4.76

​

Other borrowings

​

​

12,410

​

​

19,086

​

​

25,050

5.40

​

4.83

​

Total short-term borrowings

​

$

37,346

​

$

36,349

​

$

133,886

5.31

%

4.78

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At and for the year ended December 31, 2023

​

​

​

​

​

​

​

​

​

​

​

Weighted

​

Weighted

​

​

​

​

​

​

​

​

Maximum

​

Average

​

Average

​

​

Ending

​

Average

​

Month-End

​

Rate for

​

Rate at End

(Dollars in thousands, except percents)

Balance

Balance

Balance

the Year

of the Year

Other borrowings

$

17,590

$

19,160

$

28,470

5.54

%

5.35

%

FHLB advances

​

​

​

​

​

19,171

​

​

158,000

4.48

​

​

​

Total short-term borrowings

​

$

17,590

​

$

38,331

​

$

186,470

5.01

%

5.35

%

​

The Company has an agreement with the FHLB which allows for borrowings up to its maximum borrowing capacity based on a percentage of qualifying collateral assets. At September 30, 2024, the maximum borrowing capacity was $1.4 billion of which $112.1 million was outstanding in borrowings and $364.5 million was used to issue standby letters of credit to collateralize public fund deposits. At December 31, 2023, the maximum borrowing capacity was $1.2 billion of which $25.0 million was outstanding in long-term debt and $345.4 million was used to issue standby letters of credit to collateralize public fund deposits.

​

Advances with the FHLB are secured under terms of a blanket collateral agreement by a pledge of FHLB stock and certain other qualifying collateral, such as investments and mortgage-backed securities and mortgage loans. Interest accrues daily on the FHLB advances based on rates of the FHLB discount notes. The overnight borrowing rate resets each day.

​

In addition to borrowings from FHLB and correspondent bank lines of credit, we have availability through the Federal Reserve Bank’s Discount Window of $544.8 million at September 30, 2024. The FRB’s borrower-in-custody program allows depository institutions to pledge loans as collateral for Discount Window advances while retaining possession of the loan documentation. At September 30, 2024, $539.5 million in loans were pledged as collateral for the borrower-in-custody program and provided $409.8 million in borrowing capacity. At September 30, 2024, securities with a current par value of $142.8 million were pledged at the Discount Window resulting in borrowing capacity of $135.0 million. An additional $25.0 million in securities were pledged at the BTFP at September 30, 2024.

​

At December 31, 2023, $365.8 million in loans were pledged as collateral for the borrower-in-custody program and provided $246.1 million in borrowing capacity. At December 31, 2023, $191.0 million in securities were pledged to the BTFP and $11 thousand was pledged to the Discount Window. The BTFP allowed depository institutions to borrow up to the par value of eligible securities pledged at the FRB. The BTFP expired on March 11, 2024 and the Company transferred the eligible securities pledged to the Federal Reserve Discount Window.

​

Long-term debt consisting of advances from the FHLB at September 30, 2024 and December 31, 2023 is as follows:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Interest Rate	​		​	​		​	​
(Dollars in thousands, except percents)		Fixed	​	​	​	September 30, 2024	​	​	December 31, 2023
December 2024	​	4.60	​	​	​	12,650	​	​	​	​
March 2025	​	4.37	​	​	​	10,000	​	​	10,000	​
December 2025	​	4.40	​	​	​	9,567	​	​	​	​
December 2025	​	4.36	​	​	​	20,000	​	​	​	​
March 2026	​	4.78	​	​	​	4,292	​	​	​	​
March 2026	​	4.20	​	​	​	15,000	​	​	15,000	​
May 2026	​	4.08	​	​	​	5,000	​	​	​	​
June 2027	​	4.16	​	​	​	5,224	​	​	​	​
August 2027	​	4.40	​	​	​	6,461	​	​	​	​
October 2027	​	5.18	​	​	​	9,107	​	​	​	​
March 2028	​	4.45	%	​	​	14,188	​	​	​	​
​	​	​	​	​	$	111,489	​	$	25,000	​

​

Maturities of long-term debt, by contractual maturity, for the remainder of 2024 and subsequent years are as follows:

​

​	​	​	​	​
(Dollars in thousands)	​	​	​	​
2024	​	$	12,650	​
2025	​		39,567	​
2026	​	​	24,292	​
2027	​		20,792	​
2028	​	​	14,188	​
Thereafter	​	​	​	​
​	​	$	111,489	​

​

The advances from the FHLB totaling $111.5 million are not convertible and have a fixed rate.

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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.

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