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Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2024
Borrowings [Abstract] |
Short-Term Borrowings | Short-term borrowings at December 31 consist of the following:
| 2024 |  | 2023
| (In Thousands)
Securities sold under agreements to repurchase | $ | 36,337 |  | $ | 54,076
Federal Home Loan Bank short-term borrowings |  | 76,732 |  |  | 20,000
| $ | 113,069 |  | $ | 74,076
The outstanding balances and related information of short-term borrowings are summarized as follows:
| Years Ended December 31, |
| 2024 |  |  | 2023 |
| (Dollars In Thousands)
Average balance during the year | $ | 54,867 |  |  | $ | 93,455 |
Average interest rate during the year |  | 2.48 | % |  |  | 3.26 | %
Maximum month-end balance during the year | $ | 113,069 |  |  | $ | 136,408 |
Total short-term borrowings at end of the year | $ | 113,069 |  |  | $ | 74,076 |
Weighted average interest rate at the end of the year |  | 3.79 | % |  |  | 3.14 | %
Collateral Pledged for Repurchase Agreements |
|  | As of December 31, 2024
|  | Remaining Contractual Maturity of the Agreements
|  | Overnight and continuous |  | Up to 30 days |  | 30-90 days |  | Greater than 90 days |  | Total
Repurchase Agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  | $ | 1,997 |  | $ |  |  | $ |  |  | $ |  |  | $ | 1,997
Mortgage-backed securities - government sponsored entities |  |  | 34,564 |  |  | — |  |  | — |  |  | — |  |  | 34,564
|  | $ | 36,561 |  | $ | — |  | $ | — |  | $ | — |  | $ | 36,561
Total liability recognized for repurchase agreements |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 36,337
|  | 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
Other Borrowings |
| 2024 |  | 2023
| (In Thousands)
Notes with the FHLB: |  |  |  |  |
Fixed rate borrowing due April 2025 at 4.26% | $ | 20,000 |  | $ | 20,000
Amortizing fixed rate borrowing due September 2025 at 5.67% |  | 1,941 |  |  | 4,406
Fixed rate borrowing due April 2026 at 4.04% |  | 20,000 |  |  | 20,000
Amortizing fixed rate borrowing due May 2027 at 4.37% |  | 18,751 |  |  | 25,950
Amortizing fixed rate borrowing due July 2028 at 4.70% |  | 11,101 |  |  | 13,880
Fixed rate borrowing due July 2028 at 4.49% |  | 10,000 |  |  | 10,000
| $ | 81,793 |  | $ | 94,236
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
Fixed rate borrowing due January 2025 at 4.76% |  | 20,000 |  |  | -
| $ | 20,000 |  | $ | 30,000
Contractual Maturities of Other Borrowings |
2025 | $ | 52,658
2026 |  | 31,203
2027 |  | 5,996
2028 |  | 11,936
2029 |  | —
| $ | 101,793

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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 -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -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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