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Borrowings | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Borrowings | Borrowings The following table presents information regarding the Company’s outstanding borrowings at September 30, 2024 and December 31, 2023:
(dollars in thousands) | September 30, 2024 |  | December 31, 2023
Federal Home Loan Bank advances | 185,000 |  |  | 175,000 |
Other borrowings | 63,016 |  |  | 63,445 |
| $ | 248,016 |  |  | $ | 238,445 |
Advances from the Federal Home Loan Bank (“FHLB”) have maturities ranging from 2024 to 2029 and interest rates ranging from 3.69% to 4.75%. As collateral on the outstanding FHLB advances, the Company has provided a blanket lien on its portfolio of qualifying residential first mortgage loans, commercial real estate loans, farmland loans, multifamily loans and HELOC loans. At September 30, 2024, the lendable collateral value of those loans pledged is $193.1 million. At September 30, 2024, the Company had remaining credit availability from the FHLB of $564.3 million. The Company may be required to pledge additional qualifying collateral in order to utilize the full amount of the remaining credit line. The Company's debentures issued in connection with trust preferred securities are recorded as other borrowings on the consolidated balance sheets, but, subject to certain limitations, qualify as Tier 1 capital for regulatory capital purposes. At September 30, 2024 and December 31, 2023, $24.2 million of debentures underlying trust preferred securities were outstanding. The proceeds from the offerings were used to fund certain acquisitions, pay off holding company debt and inject capital into the bank subsidiary. The debentures underlying the trust preferred securities require quarterly interest payments. The Company also has fixed-to-floating rate subordinated notes which are due 2032 (the "Notes"). The Notes bear a fixed rate of 5.25% for the first five years and reset quarterly thereafter to the then current three-month SOFR, as published by the Federal Reserve Bank of New York, plus 265 basis points for the five-year floating term. The Company is entitled to redeem the Notes, in whole or in part, on any interest payment date on or after May 20, 2027, or at any time, in whole but not in part, upon certain other specified events. At September 30, 2024 and December 31, 2023, $38.8 million and $39.2 million, respectively, of the Notes, net of debt issuance costs were outstanding. The Notes are recorded as other borrowings on the consolidated balance sheets and, subject to certain limitations, qualify as Tier 2 capital for regulatory capital purposes. The aggregate stated maturities of other borrowed money at September 30, 2024 are as follows:
(dollars in thousands) |  |
Year |  | Amount
2024 |  | $ | 50,000 |
2025 |  | — |
2026 |  | 25,000 |
2027 |  | 15,000 |
2028 |  | 65,000 |
2029 and After |  | 93,016 |
|  | $ | 248,016 |
The Company also has available federal funds lines of credit with various financial institutions totaling $64.5 million, with no outstanding balance at September 30, 2024. The Company has the ability to borrow funds from the Federal Reserve Bank (“FRB”) of Atlanta utilizing the discount window. The discount window is an instrument of monetary policy that allows eligible institutions to borrow money from the FRB on a short-term basis to meet temporary liquidity shortages caused by internal or external disruptions. At September 30, 2024, the Company had $118.8 million borrowing capacity available under this arrangement, with no outstanding balances. The Company would be required to pledge certain available-for-sale investment securities as collateral under this agreement.

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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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