Borrowed Funds

12 Months Ended

Dec. 31, 2024

Borrowed funds may consist of Discount Window borrowings from the FRB, advances from the FHLB and securities sold under agreements to repurchase with customers. Pursuant to collateral agreements, FHLB advances are collateralized by all stock in FHLB, qualifying first mortgage loans, U.S. Government and Agency securities not pledged to others, and funds on deposit with FHLB. All FHLB advances as of December 31, 2024 had fixed rates of interest until their respective maturity dates. Securities sold under agreements to repurchase include U.S. agencies securities and other securities. Repurchase agreements have maturity dates ranging from one to three days. The Bank also has in place $101,000,000 in credit lines with correspondent banks and a credit facility of $319,000,000 with the FRBB using securities, commercial loans and home equity loans as collateral. Of the correspondent bank and FRB credit lines, none were in use as of December 31, 2024.

Borrowed funds at December 31, 2024 and 2023 have the following range of interest rates and maturity dates:


As of December 31, 2024
Federal Home Loan Bank Advances
2025	0.00%	$	—
2026	0.00%	—
2027	3.97%-4.12%	70,000,000
2028	0.00%	—
2029 and thereafter	2.89%	25,000,000

		95,000,000
Repurchase agreements
Municipal and commercial customers	0.05% - 5.00%	51,278,000
		$	146,278,000


As of December 31, 2023
Federal Home Loan Bank Advances and Federal Reserve Bank Borrowings
2024	0.00% - 5.54%	$	20,076,000
2025	0.00%	—
2026	0.00%	—
2026	0.00%	—
2028 and thereafter	0.00%	—

		20,076,000
Repurchase agreements
Municipal and commercial customers	0.05% - 5.05%	49,576,000
		$	69,652,000

- 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

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+ Details