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FHLB Advances, Other Borrowings and Subordinated Notes and Debentures | 9 Months Ended
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Sep. 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.
|  | September 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 |  | $ | — |  |  | $ | 2 |  |  |  | 6.31 | % |  | $ | — |  |  | $ | 3 |  |  |  | 5.37 | %
FHLB advances |  |  | 294,450 |  |  |  | 286,454 |  |  |  | 2.68 |  |  |  | 281,500 |  |  |  | 351,990 |  |  |  | 2.52 |
Line of credit |  |  | — |  |  |  | 1,642 |  |  |  | 7.76 |  |  |  | — |  |  |  | 38 |  |  |  | 7.26 |
Other borrowings |  |  | — |  |  |  | 10 |  |  |  | — |  |  |  | 20 |  |  |  | 600 |  |  |  | 8.33 |
Subordinated notes and debentures |  |  | 54,659 |  |  |  | 48,208 |  |  |  | 6.37 |  |  |  | 49,396 |  |  |  | 38,250 |  |  |  | 5.16 |
|  | $ | 349,109 |  |  | $ | 336,316 |  |  |  | 3.23 |  |  | $ | 330,916 |  |  | $ | 390,881 |  |  |  | 2.79 |
A summary of annual maturities of borrowings at September 30, 2024 is as follows:
(In Thousands) |  |  |
Maturities during the year ended December 31, |  |  |
2024 |  | $ | 116,000 |
2025 |  |  | 48,000 |
2026 |  |  | 65,000 |
2027 |  |  | 10,000 |
2028 |  |  | 10,450 |
Thereafter |  |  | 99,659 |
|  | $ | 349,109 |
As of September 30, 2024, the Corporation has no other borrowings. As of December 31, 2023, the Corporation had other borrowings of $20,000, 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 September 30, 2024, the notional amount of derivatives designated as cash flow hedges totaled $68.4 million with a weighted average remaining maturity of 2.55 years and a weighted average rate of 1.98%. As of September 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. The Corporation issued new subordinated notes payable as of September 13, 2024. The aggregate principal amount of the newly issued subordinated notes payable was $20.0 million which qualified as Tier 2 capital. The subordinated notes payable bear a fixed interest rate of 7.5% with a maturity date of September 13, 2034. The Corporation may, at its option, redeem the notes payable, in whole or part, at anytime after the fifth anniversary of the issuance. As of August 15, 2024, the $15.0 million subordinated notes payable that bore a fixed interest rate of 5.5% were redeemed, and the remaining unamortized debt issuance cost was accelerated due to the early redemption. As of September 30, 2024, $341,000 of debt issuance costs remain in the subordinated note and debentures payable balance, of which $56,000 is related to the recently issued subordinated debentures.

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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 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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