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Borrowed Funds
9 Months Ended
Sep. 30, 2025
Borrowed Funds  
Borrowed Funds

Note 12 – Borrowed Funds

The following is a summary of borrowings at September 30, 2025 and December 31, 2024:

(in thousands)

September 30,
2025

December 31,
2024

Short-term borrowings:

Securities sold under agreements to repurchase:

Outstanding at end of period

$

20,207

$

15,409

Weighted average interest rate at end of period

0.25%

0.24%

Maximum amount outstanding as of any month end

$

26,756

$

44,415

Average amount outstanding

$

19,414

$

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 of 3.84% at September 30, 2025 and ranging from 3.84% to 4.04% at December 31, 2024.

$

65,000

$

90,000

Junior subordinated debt, bearing variable interest rate of 7.03% at September 30, 2025 and 7.36% at December 31, 2024

30,929

30,929

Total borrowings outstanding

$

116,136

$

186,338

At September 30, 2025, the repurchase agreements were secured by $28.6 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 September 30, 2025 and December 31, 2024:

September 30, 2025

December 31, 2024

(in thousands)

Fixed Rate

Floating Rate

Total

Fixed Rate

Floating Rate

Total

Due in 2025

$

$

$

$

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

$

65,000

$

30,929

$

95,929

$

90,000

$

30,929

$

120,929