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Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2023
Borrowings [Abstract] |
Short-Term Borrowings | Short-term borrowings at December 31 consist of the following:
| 2023 |  | 2022
| (In Thousands)
Securities sold under agreements to repurchase | $ | 54,076 |  | $ | 50,951
Federal Home Loan Bank short-term borrowings |  | 20,000 |  |  | 42,264
| $ | 74,076 |  | $ | 93,215
The outstanding balances and related information of short-term borrowings are summarized as follows:
| Years Ended December 31, |
| 2023 |  |  | 2022 |
| (Dollars In Thousands)
Average balance during the year | $ | 93,455 |  |  | $ | 69,711 |
Average interest rate during the year |  | 3.26 | % |  |  | 0.75 | %
Maximum month-end balance during the year | $ | 136,408 |  |  | $ | 93,215 |
Weighted average interest rate at the end of the year |  | 3.14 | % |  |  | 2.65 | %
Collateral Pledged for Repurchase Agreements |
|  | As of December 31, 2023
|  | Remaining Contractual Maturity of the Agreements
|  | Overnight and continuous |  | Up to 30 days |  | 30-90 days |  | Greater than 90 days |  | Total
Repurchase Agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - government sponsored entities |  | $ | 55,056 |  | $ | — |  | $ | — |  | $ | — |  | $ | 55,056
Total liability recognized for repurchase agreements |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 54,076
|  | As of December 31, 2022 |  |  |
|  | Remaining Contractual Maturity of the Agreements
|  | Overnight and continuous |  | Up to 30 days |  | 30-90 days |  | Greater than 90 days |  | Total
Repurchase Agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities - government sponsored entities |  | $ | 54,562 |  | $ | — |  | $ | — |  | $ | — |  | $ | 54,562
Total liability recognized for repurchase agreements |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 50,951
Other Borrowings |
| 2023 |  | 2022
| (In Thousands)
Notes with the FHLB: |  |  |  |  |
Amortizing fixed rate borrowing due December 2023 at 5.08% | $ | — |  | $ | 40,000
Fixed rate borrowing due April 2025 at 4.26% |  | 20,000 |  |  | —
Amortizing fixed rate borrowing due September 2025 at 5.67% |  | 4,406 |  |  | —
Fixed rate borrowing due April 2026 at 4.04% |  | 20,000 |  |  | —
Amortizing fixed rate borrowing due May 2027 at 4.37% |  | 25,950 |  |  | —
Amortizing fixed rate borrowing due July 2028 at 4.70% |  | 13,880 |  |  | —
Fixed rate borrowing due July 2028 at 4.49% |  | 10,000 |  |  | —
| $ | 94,236 |  | $ | 40,000
Notes with the Federal Reserve Bank: |  |  |  |  |
Fixed rate borrowing due March 2024 at 4.83% | $ | 10,000 |  | $ | —
Fixed rate borrowing due September 2024 at 5.55% |  | 20,000 |  |  | —
| $ | 30,000 |  | $ | —
Contractual Maturities of Other Borrowings |
2024 | $ | 42,636
2025 |  | 32,577
2026 |  | 31,119
2027 |  | 5,967
2028 |  | 11,937
| $ | 124,236

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- Definition Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
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- Definition Tabular disclosure, as of the most recent balance sheet date, of securities or other assets sold under repurchase agreements when this amount exceeds 10 percent of total assets. Disclosure may include the following: the type of securities or assets sold under agreements to repurchase, the carrying amount, market value (including accrued interest plus any cash or other assets on deposit. The information is segregated into securities maturing (1) overnight; (2) term up to 30 days; (3) term of 30 to 90 days; (4) term over 90 days; (5) demand. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(m)(1)(ii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 + Details
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