Borrowings (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Federal Funds Purchased and Securities Sold Under Agreements to Repurchase

A significant portion of the Company's short-term borrowings were comprised of securities sold under agreements to repurchase with overnight maturities:

	For the Year Ended December 31,
(In thousands)	2023			2022
Maximum amount outstanding at any month end	$	374,573		$	172,029
Weighted average interest rate at end of year	3.48		%	1.89		%
Average amount outstanding	$	270,999		$	121,318
Weighted average interest rate during the year	3.07		%	0.81		%

Schedule of Collateral Dependent Loans

Company securities pledged were as follows by collateral type and maturity as of:

	December 31,
(In thousands)	2023		2022
Fair value of pledged securities - overnight and continuous:
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	$	396,378	$	184,967

Schedule of Junior Subordinated Trust Preferred Debentures and Related Common Equity Securities

The following table summarizes the Company's junior subordinated trust preferred debentures and related common equity securities as of December 31, 2023:

(In thousands)
Description	Issuance Date	Acquisition Date1	Maturity Date	Junior Subordinated Debt		Trust Preferred Securities		Common Equity Securities		Contractual Interest Rate	Interest Rate at December 31, 2023
SBCF Capital Trust I	3/31/2005	n/a	3/31/2035	$	20,619	$	20,000	$	619	3 month SOFR +533bps	7.34%
SBCF Statutory Trust II	12/16/2005	n/a	12/16/2035	20,619		20,000		619		3 month SOFR +538bps	6.98%
SBCF Statutory Trust III	6/29/2007	n/a	6/15/2037	12,372		12,000		372		3 month SOFR +538bps	7.00%
The BANKshares, Inc. Statutory Trust I	12/19/2002	10/1/2014	12/26/2032	5,155		5,000		155		3 month SOFR +325bps	8.87%
The BANKshares, Inc. Statutory Trust II	3/17/2004	10/1/2014	3/17/2034	4,124		4,000		124		3 month SOFR +279bps	8.43%
The BANKshares, Inc. Capital Trust I	12/15/2005	10/1/2014	12/15/2035	5,155		5,000		155		3 month SOFR +538bps	7.03%
Grand Bank Capital Trust I	10/29/2004	7/17/2015	10/29/2034	7,217		7,000		217		3 month SOFR +198bps	7.57%
				$	75,261	$	73,000	$	2,261
1Acquired junior subordinated debentures were recorded at their acquisition date fair values, which collectively was $5.6 million lower than face value; this amount is being amortized into interest expense over the remaining term to maturity.