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Short-Term and Other Borrowings (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Summary of Federal Funds Purchased, Securities Sold Under Agreements to Repurchase and Other Short-term Borrowings | Short-term and other borrowings, which consist of federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings, are summarized as follows:
|  | September 30, 2024 |  |  | December 31, 2023 |
|  | Short-term Borrowings |  |  | Short-term Borrowings |
FHLB Advances: |  |  |  |  |  |
Single maturity fixed rate advances |  | $ | 47 |  |  | $ | 41 |
Interest rate on balance |  |  | 1.18 | % |  |  | 1.25 | %
Overnight advances |  | $ | 287,000 |  |  | $ | 338,000 |
Interest rate on balance |  |  | 4.88 | % |  |  | 5.41 | %
Total Short-term FHLB Advances |  | $ | 287,047 |  |  | $ | 338,041 |
The following table summarizes the Company's subordinated debentures at September 30, 2024 and December 31, 2023.
|  | September 30, 2024 |  |  | December 31, 2023 |
|  | Subordinated Debentures |  |  | Subordinated Debentures |
Subordinated Debentures: |  |  |  |  |  |
First Citizens Statutory Trust II |  | $ | 7,732 |  |  | $ | 7,732 |
First Citizens Statutory Trust III |  |  | 12,887 |  |  |  | 12,887 |
First Citizens Statutory Trust IV |  |  | 5,082 |  |  |  | 5,082 |
Futura TPF Trust I |  |  | 2,578 |  |  |  | 2,578 |
Futura TPF Trust II |  |  | 2,070 |  |  |  | 2,070 |
Long-Term Subordinated Debentures |  |  | 73,718 |  |  |  | 73,594 |
Total Subordinated Debentures |  | $ | 104,067 |  |  | $ | 103,943 |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | Short-term Borrowings |  |  | Short-term Borrowings |  |  | Short-term Borrowings |  |  | Short-term Borrowings |
Maximum indebtedness |  | $ | 497,500 |  |  | $ | 431,500 |  |  | $ | 501,500 |  |  | $ | 540,000 |
Average balance |  |  | 388,022 |  |  |  | 233,547 |  |  |  | 385,801 |  |  |  | 282,214 |
Average rate paid |  |  | 5.35 | % |  |  | 5.51 | % |  |  | 5.42 | % |  |  | 5.03 | %

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- Definition Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(19)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
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