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Borrowings

9 Months Ended

Sep. 30, 2025

Borrowings.

Borrowings

​

13. Borrowings

​

Short-term borrowings consist of FHLB overnight borrowings or advances with stated original terms of less than twelve months and other borrowings related to collateral held from derivative counterparties. Short-term borrowings at

September 30, 2025, which included overnight FHLB advances and collateral pledged by derivative counterparties to offset interest rate exposure, totaled $76.3 million. Short-term borrowings at December 31, 2024 which included cash collateral pledged by derivative counterparties to offset interest rate exposure, totaled $15.9 million.

​

The table below outlines short-term borrowings at and for the nine months ended September 30, 2025 and at and for the year ended December 31, 2024:   

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At and for the nine months ended September 30, 2025

​

​

​

​

​

​

​

​

​

​

​

Weighted

​

Weighted

​

​

​

​

​

​

​

​

Maximum

​

Average

​

Average

​

​

Ending

​

Average

​

Month-End

​

Rate for

​

Rate at End

(Dollars in thousands, except percents)

Balance

Balance

Balance

the Period

of the Period

FHLB advances - Overnight

$

65,350

$

14,511

$

65,350

4.76

%

4.47

%

Other borrowings

​

​

10,960

​

​

13,846

​

​

18,160

4.44

​

4.11

​

Total short-term borrowings

​

$

76,310

​

$

28,357

​

$

83,510

4.60

%

4.42

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At and for the year ended December 31, 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 Year

FHLB advances - Overnight

​

$

​

​

$

6,733

​

$

83,900

5.53

%

​

%

Federal Reserve Bank - BTFP

​

​

​

​

​

12,352

​

​

24,968

​

5.73

​

​

​

Other borrowings

​

​

15,900

​

​

18,035

​

​

25,050

​

5.27

​

4.34

​

Total short-term borrowings

​

$

15,900

​

$

37,120

​

$

133,918

​

5.48

%

4.34

%

​

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. 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.

​

At September 30, 2025, $2.4 billion in loans were pledged to the FHLB providing a maximum borrowing capacity of $1.7 billion of which $202.6 million was outstanding in borrowings and $403.0 million was used to issue standby letters of credit to primarily collateralize public fund deposits. At December 31, 2024, the maximum borrowing capacity was $1.7 billion, of which $99.1 million was outstanding in long-term debt and $487.8 million was used to issue standby letters of credit to collateralize public fund deposits.

​

In addition to borrowings from FHLB and correspondent bank lines of credit, the Company has availability through the Federal Reserve Bank’s Discount Window of $388.2 million at September 30, 2025. 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, 2025, $378.0 million in loans were pledged as collateral for the borrower-in-custody program and provided $282.1 million in borrowing capacity. At September 30, 2025, securities with a current par value of $110.8 million were pledged at the Discount Window resulting in a borrowing capacity of $106.2 million.

​

Long-term debt consisting of advances from the FHLB at September 30, 2025 and December 31, 2024 is as follows:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Interest Rate	​		​	​		​	​
(Dollars in thousands, except percents)		Fixed	​	​	​	September 30, 2025	​	​	December 31, 2024
March 2025	​	4.37	%	​	$	​	​	$	10,000	​
December 2025	​	4.40	​	​	​	9,567	​	​	9,567	​
December 2025	​	4.36	​	​	​	20,000	​	​	20,000	​
March 2026	​	4.78	​	​	​	4,292	​	​	4,292	​
March 2026	​	4.20	​	​	​	15,000	​	​	15,000	​
May 2026	​	4.08	​	​	​	5,000	​	​	5,000	​
August 2026	​	3.98	​	​	​	12,047	​	​	​	​
October 2026	​	3.95	​	​	​	15,284	​	​	​	​
June 2027	​	4.16	​	​	​	5,224	​	​	5,224	​
July 2027	​	4.01	​	​	​	21,773	​	​	​	​
August 2027	​	4.40	​	​	​	6,462	​	​	6,461	​
October 2027	​	5.29	​	​	​	2,954	​	​	3,941	​
October 2027	​	5.18	​	​	​	5,475	​	​	5,475	​
March 2028	​	4.45	​	​	​	14,188	​	​	14,188	​
Total FHLB long-term debt	​	​	​	​	​	137,266	​	​	99,148	​
Less net fair value discount	​	​	​	​	​	(237)	​	​	(511)	​
Total long-term debt	​	​	​	​	$	137,029	​	$	98,637	​

​

Maturities of long-term debt, by contractual maturity, for the remainder of 2025 and subsequent years are as follows:

​

​	​	​	​	​
(Dollars in thousands)	​	​	​	​
2025	​	$	29,567	​
2026	​	​	51,623	​
2027	​		41,888	​
2028	​	​	14,188	​
Total FHLB long-term debt	​	​	137,266	​
Less net fair value discount	​	​	(237)	​
Total long-term debt	​	$	137,029	​

​

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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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