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v3.25.1

Borrowed Funds | 3 Months Ended
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Mar. 31, 2025
Borrowed Funds |
Borrowed Funds | ​ Note 12 – Borrowed Funds The following is a summary of borrowings at March 31, 2025 and December 31, 2024:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) | ​ | March 31, 2025 | ​ | December 31, 2024
Short-term borrowings: | ​ | ​ | ​ | ​ | ​ | ​
Securities sold under agreements to repurchase: | ​ | ​ | ​ | ​ | ​ | ​
Outstanding at end of period | ​ | $ | 20,342 | ​ | $ | 15,409
Weighted average interest rate at end of period | ​ | ​ | 0.23% | ​ | ​ | 0.24%
Maximum amount outstanding as of any month end | ​ | $ | 20,342 | ​ | $ | 44,415
Average amount outstanding | ​ | $ | 18,274 | ​ | $ | 29,805
Approximate weighted average rate during the period | ​ | ​ | 0.22% | ​ | ​ | 0.26%
Overnight borrowings, weighted average interest rate of 4.50% at December 31, 2024 | ​ | $ | — | ​ | $ | 50,000
Long-term borrowings: | ​ | ​ | ​ | ​ | ​ | ​
FHLB advances, bearing fixed interest rate ranging from 3.84% to 4.04% at March 31, 2025 and December 31, 2024. | ​ | $ | 90,000 | ​ | $ | 90,000
Junior subordinated debt, bearing variable interest rate of 7.31% at March 31, 2025 and 7.36% at December 31, 2024 | ​ | ​ | 30,929 | ​ | ​ | 30,929
Total borrowings outstanding | ​ | $ | 141,271 | ​ | $ | 186,338
​ Short-term borrowings decreased by $45.1 million as a result of the purchase of $50.0 million in brokered CDs to fully repay the $50.0 million in overnight borrowings outstanding at December 31, 2024. This decrease was partially offset by increases in balances of the overnight investment sweep product. ​ At March 31, 2025, the repurchase agreements were secured by $28.0 million in investment securities issued by government related agencies. A minimum of 102% of fair value is pledged against account balances. ​ The following table presents contractual maturities of long-term borrowings outstanding at March 31, 2025 and December 31 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2025 | ​ | December 31, 2024
(in thousands) | ​ | Fixed Rate | ​ | Floating Rate | ​ | Total | ​ | Fixed Rate | ​ | Floating Rate | ​ | Total
Due in 2025 | ​ | $ | 25,000 | ​ | $ | — | ​ | $ | 25,000 | ​ | $ | 25,000 | ​ | $ | — | ​ | $ | 25,000
Due in 2026 | ​ | ​ | 65,000 | ​ | ​ | — | ​ | ​ | 65,000 | ​ | ​ | 65,000 | ​ | ​ | — | ​ | ​ | 65,000
Thereafter | ​ | ​ | — | ​ | ​ | 30,929 | ​ | ​ | 30,929 | ​ | ​ | — | ​ | ​ | 30,929 | ​ | ​ | 30,929
Total long-term debt | ​ | $ | 90,000 | ​ | $ | 30,929 | ​ | $ | 120,929 | ​ | $ | 90,000 | ​ | $ | 30,929 | ​ | $ | 120,929
​

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