BORROWINGS

3 Months Ended

Mar. 31, 2024

BORROWINGS

BORROWINGS

8.BORROWINGS

Borrowed funds at March 31, 2024 consisted of FHLB advances and a BTFP advance, while at December 31, 2023 borrowed funds consisted only of FHLB advances. Short-term advances were $235.0 million and $303.0 million with a weighted average rate of 5.51% and 5.53%, at March 31, 2024 and December 31, 2023, respectively. Long-term borrowings are summarized by maturity date below.

	March 31, 2024						December 31, 2023
	Amount by				Weighted		Amount by		Weighted
	Scheduled		Amount by		Average		Scheduled		Average
	Maturity*		Call Date (1)		Rate (2)		Maturity*		Rate (2)
	(dollars in thousands)
Year ending December 31:
2024	$	10,000	$	190,000	1.68	%	$	—	—	%
2025		245,987		255,987	4.69			13,400	1.39
2026		130,000		40,000	4.30			90,987	4.31
2027		50,000		—	4.12			110,000	4.20
2028		59,198		19,198	4.03			10,000	3.72
2029		23,128		13,128	4.06			40,000	3.86
2030 and thereafter		1,067		1,067	2.00			1,075	2.00
	$	519,380	$	519,380	4.37	%	$	265,462	4.02	%
* Includes an amortizing advance requiring monthly principal and interest payments.
(1) Callable FHLB advances are shown in the respective periods assuming that the callable debt is redeemed at the call date, while all other advances are shown in the periods corresponding to their scheduled maturity date. There were 16 callable advances at March 31, 2024.
(2) Weighted average rates are based on scheduled maturity dates.

The FHLB advances are secured by a blanket security agreement which requires the Bank to maintain certain qualifying assets as collateral, principally residential mortgage loans and commercial real estate loans held in the Bank’s portfolio. The carrying value of the loans pledged as collateral for these borrowings totaled $2.04 billion at March 31, 2024 and $2.02 billion at December 31, 2023. As of March 31, 2024, the Company had $532.0 million of available borrowing capacity with the FHLB.

The Bank maintains a BIC line at the FRBB, with total credit based on eligible collateral. At March 31, 2024, the Bank had $364.0 million of borrowing capacity secured by 59% of the carrying value of commercial loans with principal balances amounting to $363.4 million and securities with a collateral value in the amount of $151.0 million at March 31,2024, with no balance outstanding. At March 31, 2024, the Bank also had a $175.0 million borrowing under the BTFP secured by available-for-sale securities with a par value of $186.7 million. The BTFP ceased making new loans on March 11, 2024. The Company also has additional borrowing capacity under a $25.0 million unsecured federal funds line with a correspondent bank.

On December 1, 2023, the Company fully redeemed its Subordinated Notes and expensed the remaining unamortized issuance costs. Amortization of issuance costs was $32,000 for the quarter ended March 31, 2023.