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Note 8 - Deposits and Borrowed Funds

6 Months Ended

Jun. 30, 2024

Deposits and Borrowed Funds [Text Block]

Note 8: Deposits and Borrowed Funds

The following table provides additional detail regarding deposits.

	Deposits
	At June 30,		At December 31,
	2024		2023
	(In thousands)
Noninterest-bearing	$	2,459,467	$	2,605,844
Interest-bearing:
Transaction		936,186		1,072,233
Savings		1,646,781		1,699,388
Time deposits less than $100 thousand		51,964		56,100
Time deposits $100 thousand through $250 thousand		27,497		31,107
Time deposits more than $250 thousand		9,545		9,595
Total deposits	$	5,131,440	$	5,474,267

Demand deposit overdrafts of $1,053 thousand and $620 thousand were included as loan balances at June 30, 2024 and December 31, 2023, respectively. Interest expense for aggregate time deposits with individual account balances in excess of $100 thousand was $20 thousand and $41 thousand for the three and six months ended June 30, 2024, respectively, and $31 thousand and $65 thousand for the three and six months ended June 30, 2023, respectively.

The following table provides additional detail regarding securities sold under repurchase agreements:

	Repurchase Agreements (Sweep) Accounted for as Secured Borrowings
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous
	At June 30,		At December 31,
	2024		2023
Repurchase agreements:	(In thousands)
Collateral securing borrowings:
Agency residential MBS	$	23,270	$	25,669
Corporate securities		371,013		233,947
Total collateral carrying value	$	394,283	$	259,616
Securities sold under repurchase agreements	$	100,167	$	58,162

At June 30, 2024, the Company had access to borrowing from the Federal Reserve up to $867,510 thousand based on the collateral pledged at June 30, 2024. Federal Reserve Bank Term Funding Program borrowings were $200,000 thousand at June 30, 2024. For the six months ended June 30, 2024, the average balances of Federal Reserve Bank Term Funding Program borrowings were $131,291 thousand. Federal Reserve Bank Term Funding Program borrowings consist of multiple advances, $80,000 thousand of which matures in February 2025, and the remaining $120,000 thousand matures in March 2025. At June 30, 2024, the Company’s estimated unpledged collateral qualifying debt securities totaled $1,462,966 thousand.