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Borrowings | 3 Months Ended
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Mar. 31, 2026
Borrowings |
Borrowings | ​ 11. Borrowings ​ Short-term borrowings, which included FHLB overnight borrowings or advances with stated original terms of less than twelve months and other borrowings related to collateral held from derivative counterparties, totaled $179.3 million at March 31, 2026, and $32.7 million at December 31, 2025. ​ The table below outlines short-term borrowings at and for the three months ended March 31, 2026, and at and for the year ended December 31, 2025: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | At and for the three months ended March 31, 2026
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 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 | ​ ​ ​ | $ | 169,261 | ​ ​ ​ | $ | 30,069 | ​ ​ ​ | $ | 169,261 | ​ ​ ​ | 3.89 | % | 3.94 | %
Other borrowings | ​ | ​ | 10,060 | ​ | ​ | 9,111 | ​ | ​ | 10,060 |  | 3.71 | ​ | 3.64 | ​
Total short-term borrowings | ​ | $ | 179,321 | ​ | $ | 39,180 | ​ | $ | 179,321 |  | 3.85 | % | 3.92 | %
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At and for the year ended December 31, 2025 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 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 | ​ | $ | 23,761 | ​ | $ | 16,452 | ​ | $ | 65,350 |  | 4.44 | % | 3.76 | %
Other borrowings | ​ | ​ | 8,960 | ​ | ​ | 12,789 | ​ | ​ | 18,160 | ​ | 4.35 | ​ | 3.67 | ​
Total short-term borrowings | ​ | $ | 32,721 | ​ | $ | 29,241 | ​ | $ | 83,510 | ​ | 4.40 | % | 3.74 | %
​ 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 March 31, 2026, $2.4 billion in loans were pledged to the FHLB providing a maximum borrowing capacity of $1.7 billion of which $304.1 million was outstanding in short-term and long-term advances and $452.3 million was used to issue standby letters of credit to primarily 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 borrower-in-custody program which allows depository institutions to pledge loans as collateral for Discount Window advances while retaining possession of the loan documentation. At March 31, 2026, $719.0 million in loans were pledged as collateral for the borrower-in-custody program and provided $506.4 million in borrowing capacity. There were no borrowings outstanding under this program at March 31, 2026 and December 31, 2025. ​ Long-term debt consisting of advances from the FHLB at March 31, 2026 and December 31, 2025 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Interest Rate | ​ | ​ ​ ​ | ​ | ​ | ​ ​ ​ | ​ | ​ |
(Dollars in thousands, except percents) | ​ ​ ​ | Fixed | ​ | ​ | ​ | March 31, 2026 | ​ | ​ | December 31, 2025 |
March 2026 | ​ | 4.78 | % | ​ | $ | ​ | ​ | $ | 4,292 | ​
March 2026 | ​ | 4.20 | ​ | ​ | ​ | ​ | ​ | ​ | 15,000 | ​
May 2026 | ​ | 4.08 | ​ | ​ | ​ | 5,000 | ​ | ​ | 5,000 | ​
August 2026 | ​ | 3.98 | ​ | ​ | ​ | 12,047 | ​ | ​ | 12,047 | ​
October 2026 | ​ | 3.95 | ​ | ​ | ​ | 15,284 | ​ | ​ | 15,284 | ​
March 2027 | ​ | 3.89 | ​ | ​ | ​ | 10,000 | ​ | ​ | ​ | ​
March 2027 | ​ | 3.51 | ​ | ​ | ​ | 12,198 | ​ | ​ | 12,198 | ​
June 2027 | ​ | 4.16 | ​ | ​ | ​ | 5,224 | ​ | ​ | 5,224 | ​
July 2027 | ​ | 4.01 | ​ | ​ | ​ | 21,773 | ​ | ​ | 21,773 | ​
August 2027 | ​ | 4.40 | ​ | ​ | ​ | 6,461 | ​ | ​ | 6,461 | ​
October 2027 | ​ | 5.29 | ​ | ​ | ​ | 2,275 | ​ | ​ | 2,617 | ​
October 2027 | ​ | 5.18 | ​ | ​ | ​ | 5,475 | ​ | ​ | 5,475 | ​
November 2027 | ​ | 3.61 | ​ | ​ | ​ | 14,937 | ​ | ​ | 14,937 | ​
January 2028 | ​ | 3.95 | ​ | ​ | ​ | 10,000 | ​ | ​ | ​ | ​
March 2028 | ​ | 4.45 | ​ | ​ | ​ | 14,188 | ​ | ​ | 14,188 | ​
Total FHLB long-term debt | ​ | ​ | ​ | ​ | ​ | 134,862 | ​ | ​ | 134,496 | ​
Less net fair value discount | ​ | ​ | ​ | ​ | ​ | (112) | ​ | ​ | (144) | ​
Total long-term debt | ​ | ​ | ​ | ​ | $ | 134,750 | ​ | $ | 134,352 | ​
​ Maturities of long-term debt, by contractual maturity, for the remainder of 2026 and subsequent years are as follows: ​
​ | ​ | ​ | ​ | ​
(Dollars in thousands) | ​ | ​ | ​ | ​
2026 | ​ | $ | 32,331 | ​
2027 | ​ | ​ | 78,343 | ​
2028 | ​ |  | 24,188 | ​
Total FHLB long-term debt | ​ | ​ | 134,862 | ​
Less net fair value discount | ​ | ​ | (112) | ​
Total long-term debt | ​ | $ | 134,750 | ​
​

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