Short Term Borrowings

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

SHORT TERM BORROWINGS

SHORT TERM BORROWINGS

Short-term borrowings are for terms under or equal to one year and at December 31, 2024 are comprised of FHLB advances. FHLB advances are for various terms and are secured by a blanket lien on residential mortgages and other real estate secured loans.

The following table presents the composition of short-term borrowings, the weighted average interest rate as of December 31, 2024 and interest expense for the years ended December 31:

	2024						2023						2022
(dollars in thousands)	Balance		Weighted Average Interest Rate		Interest Expense (1)		Balance		Weighted Average Interest Rate		Interest Expense		Balance		Weighted Average Interest Rate		Interest Expense
FHLB advances	150,000		4.60	%	13,206		415,000		5.65	%	27,234		370,000		4.49	%	1,649
Total Short-term Borrowings	$	150,000	4.60	%	$	13,206	$	415,000	5.65	%	$	27,234	$	370,000	4.49	%	$	1,649

(1) Includes interest expense on advances from the Federal Reserve Bank Term Funding Program which ceased making new fundings in March 2024.