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Short-Term Debt
 12 Months Ended
Dec. 31, 2024
Short-Term Debt [Abstract]  
Short-Term Debt BORROWINGS
The Company had short-term and long-term funding with the Federal Home Loan Bank ("FHLB") in the form of collateralized advances in conjunction with FHLB stock ownership. Financing obtained from the FHLB is based, in part, on the amount of qualifying collateral available, specifically 1-4 family residential mortgages, other residential mortgages, and commercial real estate and other non-residential mortgage loans.

Additionally, the Company had other short-term borrowings throughout 2024 from federal funds purchased from the Federal Reserve Discount Window which provide a source of short-term funds to ensure adequate liquidity. Federal funds purchased are short-term borrowings from correspondent banks that typically mature within one to ninety days and are collateralized by similar qualifying assets required for FHLB collateralized advances. Interest on federal funds purchased is set daily by the correspondent bank based on prevailing market rates.

Further, the Company utilizes securities sold under agreements to repurchase as a liquidity management tool. Securities sold under agreements to repurchase include interests in government agency and municipal securities. These agreements mature daily at par.

The Company has approximately 35,900 shares of FHLB stock at par value as of December 31, 2024. Purchases of FHLB stock are required based on the Company’s maximum borrowing capacity with the FHLB. In addition to the short-term and long-term collateralized advances, FHLB stock entitles the Company to receive dividends declared by the FHLB.

Collateral pledged to the FHLB and Federal Reserve Discount Window was approximately $1.7 billion at December 31, 2024 and $2.0 billion at December 31, 2023 and consisted primarily of 1-4 family residential property loans. City National had an additional $1.5 billion and $1.9 billion available from unused portions of lines of credit with the FHLB and Federal Reserve Discount Window at December 31, 2024 and 2023, respectively. No short-term or long-term funding has been utilized with certain other financial institutions the Company maintains business relationships as of December 31, 2024 or December 31, 2023.

Short-term borrowings    

A summary of the Company's borrowings is as follows (dollars in thousands):

202420232022
Balance at end of year:
Securities sold under agreements to repurchase$325,655 $309,856 $290,964 
FHLB short-term advances— 25,000 — 
Weighted-average interest rate at end of year:
Securities sold under agreements to repurchase4.74 %3.86 %0.76 %
FHLB short-term advances— 5.63 — 
Average balance outstanding during the year:
Securities sold under agreements to repurchase$336,447 $289,480 $284,570 
FHLB short-term advances908 847 3 
Federal Funds purchased13 113 38 
Weighted-average interest rate during the year:
Securities sold under agreements to repurchase4.59 %4.13 %0.78 %
FHLB short-term advances5.74 5.76 0.26 
Federal Funds purchased4.66 5.74 0.25 
 
Long-term borrowings

The Company's long-term collateralized advances from the FHLB and related weighted-average interest rates are as follows (dollars in thousands):
20242023
Balance at end of year:
FHLB long-term advances$150,000 $100,000 
Weighted-average interest rate at end of year:
FHLB long-term advances4.14 %4.01 %

As of December 31, 2024, the maturities of the FHLB long-term advances are as follows (in thousands):

2025$— 
2026— 
202750,000 
202850,000 
2029 and thereafter
50,000 
$150,000