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FHLB Advances, Other Borrowings and Subordinated Notes and Debentures | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
FHLB Advances, Other Borrowings and Subordinated Notes and Debentures | Note 9 — FHLB Advances, Other Borrowings and Subordinated Notes and Debentures The composition of borrowed funds is shown below. Average balances represent year-to-date averages.
|  | June 30, 2024 |  |  | December 31, 2023 |
|  | Balance |  |  | Weighted Average Balance |  |  | Weighted Average Rate |  |  | Balance |  |  | Weighted Average Balance |  |  | Weighted Average Rate |
|  | (Dollars in Thousands) |
Federal funds purchased |  | $ | — |  |  | $ | — |  |  |  | — | % |  | $ | — |  |  | $ | 3 |  |  |  | 5.37 | %
FHLB advances |  |  | 278,350 |  |  |  | 290,675 |  |  |  | 2.54 |  |  |  | 281,500 |  |  |  | 351,990 |  |  |  | 2.52 |
Line of credit |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 38 |  |  |  | 7.26 |
Other borrowings |  |  | 10 |  |  |  | 15 |  |  |  | — |  |  |  | 20 |  |  |  | 600 |  |  |  | 8.33 |
Subordinated notes and debentures |  |  | 49,495 |  |  |  | 49,455 |  |  |  | 5.79 |  |  |  | 49,396 |  |  |  | 38,250 |  |  |  | 5.16 |
|  | $ | 327,855 |  |  | $ | 340,145 |  |  |  | 3.02 |  |  | $ | 330,916 |  |  | $ | 390,881 |  |  |  | 2.79 |
A summary of annual maturities of borrowings at June 30, 2024 is as follows:
(In Thousands) |  |  |
Maturities during the year ended December 31, |  |  |
2024 |  | $ | 96,910 |
2025 |  |  | 48,000 |
2026 |  |  | 65,000 |
2027 |  |  | 28,000 |
2028 |  |  | 10,450 |
Thereafter |  |  | 79,495 |
|  | $ | 327,855 |
As of June 30, 2024 and December 31, 2023, the Corporation had other borrowings of $10,000 and $20,000, respectively, which consisted of sold tax credit investments accounted for as secured borrowings because they did not qualify for true sale accounting. The Corporation has entered into derivative contracts hedging a portion of the borrowings included in the 2024 maturities above. As of June 30, 2024, the notional amount of derivatives designated as cash flow hedges totaled $78.4 million with a weighted average remaining maturity of 2.50 years and a weighted average rate of 1.80%. As of June 30, 2024 and December 31, 2023, the Corporation was in compliance with its debt covenants under its third-party secured senior line of credit. On February 20, 2024, the credit line was renewed for one additional year with pricing terms of 1-month term SOFR + 2.36% and a maturity date of February 19, 2025. During the third quarter 2024, the Corporation intends to redeem $15.0 million of 5.50% fixed to floating rate subordinated notes payable originally issued August 15th, 2019 and reissue up to $20.0 million in subordinated notes payable.

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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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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