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Short-Term and Other Borrowings | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Short-Term and Other Borrowings | (8) Short-Term and Other 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 | %
Average balance during the period represents daily averages. Average rate paid represents interest expense divided by the related average balances.

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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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