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FHLB Advances, Other Borrowings and Subordinated Notes and Debentures | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
FHLB Advances, Other Borrowings and Subordinated Notes and Debentures | Note 10 — FHLB Advances, Other Borrowings and Subordinated Notes and Debentures The composition of borrowed funds is shown below. Average balances represent year-to-date averages.
|  | December 31, 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 |  |  |  | 38.40 | % |  | $ | — |  |  | $ | 3 |  |  |  | 5.37 | %
FHLB advances |  |  | 265,350 |  |  |  | 282,437 |  |  |  | 2.73 |  |  |  | 281,500 |  |  |  | 351,990 |  |  |  | 2.52 |
Line of credit |  |  | — |  |  |  | 1,229 |  |  |  | 8.03 |  |  |  | — |  |  |  | 38 |  |  |  | 7.26 |
Other borrowings |  |  | 10 |  |  |  | 8 |  |  |  | — |  |  |  | 20 |  |  |  | 600 |  |  |  | 8.33 |
Subordinated notes and debentures |  |  | 54,689 |  |  |  | 49,833 |  |  |  | 6.36 |  |  |  | 49,396 |  |  |  | 38,250 |  |  |  | 5.16 |
|  | $ | 320,049 |  |  | $ | 333,509 |  |  |  | 3.30 |  |  | $ | 330,916 |  |  | $ | 390,881 |  |  |  | 2.79 |
A summary of annual maturities of borrowings at December 31, 2024 is as follows:
(In Thousands) |  |  |
Maturities during the year ended December 31, |  |  |
2025 |  | $ | 116,410 |
2026 |  |  | 65,000 |
2027 |  |  | 10,000 |
2028 |  |  | 10,450 |
2029 |  |  | 35,000 |
Thereafter |  |  | 83,189 |
|  | $ | 320,049 |
The Corporation has a $709.8 million FHLB line of credit available for advances which is collateralized as noted below. At December 31, 2024, $444.4 million of this line remained unused. There were $265.4 million of term FHLB advances outstanding at December 31, 2024 with stated fixed interest rates ranging from 1.19% to 4.95% compared to $281.5 million of term FHLB advances outstanding at December 31, 2023 with stated fixed interest rates ranging from 0.50% to 5.58%. The term FHLB advances outstanding at December 31, 2024 are due at various dates through December 2031. The Corporation is required to maintain as collateral mortgage-related securities, unencumbered first mortgage loans and secured small business loans in its portfolio aggregating at least the amount of outstanding advances from the FHLB. Loans totaling approximately $1.298 billion and $1.172 billion were pledged as collateral at December 31, 2024 and 2023, respectively. The Corporation has a senior line of credit with a third-party financial institution of $10.5 million. As of December 31, 2024, the line of credit carried an interest rate of SOFR + 2.36% that matured on February 19, 2025 and had certain performance debt covenants of which the Corporation was in compliance. The Corporation pays a commitment fee on this senior line of credit. For the years ended December 31, 2024, 2023, and 2022 the Corporation incurred $13,000 additional interest expense due to this fee. There was no outstanding balance on the line of credit as of December 31, 2024. On February 20, 2025, 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, 2026. 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 December 31, 2024, $311,000 of debt issuance costs remain in the subordinated note and debentures payable balance, of which $53,000 is related to the recently issued subordinated debentures. The Corporation has entered into derivative contracts hedging a portion of the borrowings included in the 2024 maturities above. As of December 31, 2024, the notional amount of derivatives designated as cash flow hedges totaled $68.4 million with a weighted average remaining maturity of 2.30 years and a weighted average rate of 1.98%.

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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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