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FHLB Advances, Other Borrowings and Subordinated Notes and Debentures
 3 Months Ended
Mar. 31, 2025
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.

 

 

March 31, 2025

 

 

December 31, 2024

 

 

 

Balance

 

 

Weighted
Average
Balance

 

 

Weighted
Average
Rate

 

 

Balance

 

 

Weighted
Average
Balance

 

 

Weighted
Average
Rate

 

 

 

(Dollars in Thousands)

 

Federal funds purchased

 

$

—

 

 

$

—

 

 

 

—

%

 

$

—

 

 

$

2

 

 

 

38.40

%

FHLB advances

 

 

231,864

 

 

 

305,549

 

 

 

3.11

 

 

 

265,350

 

 

 

282,437

 

 

 

2.73

 

Line of credit

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,229

 

 

 

8.03

 

Other borrowings

 

 

10

 

 

 

10

 

 

 

—

 

 

 

10

 

 

 

8

 

 

 

—

 

Subordinated notes and debentures

 

 

54,716

 

 

 

54,699

 

 

 

6.43

 

 

 

54,689

 

 

 

49,833

 

 

 

6.36

 

 

 

$

286,590

 

 

$

360,258

 

 

 

3.62

 

 

$

320,049

 

 

$

333,509

 

 

 

3.30

 

 

A summary of annual maturities of borrowings at March 31, 2025 is as follows:

(In Thousands)

 

 

 

Maturities during the year ended December 31,

 

 

 

2025

 

$

113,410

 

2026

 

 

65,450

 

2027

 

 

10,000

 

2028

 

 

10,000

 

2029

 

 

33,014

 

Thereafter

 

 

54,716

 

 

 

$

286,590

 

 

The Corporation has entered into derivative contracts hedging a portion of the borrowings included above. As of March 31, 2025, the notional amount of derivatives designated as cash flow hedges totaled $58.4 million with a weighted average remaining maturity of 2.42 years and a weighted average rate of 2.20%.

As of March 31, 2025 and December 31, 2024, the Corporation was in compliance with its debt covenants under its third-party secured senior line of credit. On February 12, 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 18, 2026.