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FHLB Advances, Other Borrowings and Subordinated Notes and Debentures
 6 Months Ended
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.