Borrowings

12 Months Ended

Dec. 31, 2024

Borrowings [Abstract]

Borrowings

Note 8. Borrowings

Short-Term Borrowings

The Company classifies all borrowings that will mature within a year from the date on which the Company enters into them as short-term borrowings. Short-term borrowings sources consist of federal funds purchased, overnight repurchase agreements (which are secured transactions with customers that generally mature within one to four days), advances from the FHLB, and a revolving unsecured line of credit agreement.

The Company maintains federal funds lines with several correspondent banks to address short-term borrowing needs. At December 31, 2024 and 2023, the remaining credit available from these lines totaled $115.0 million and $90.0 million, respectively. The Company has a collateral dependent line of credit with the FHLB with remaining credit availability of $400.5 million and $362.1 million as of December 31, 2024 and December 31, 2023, respectively.

On December 23, 2024, the Company entered into a revolving unsecured line of credit agreement with another financial institution for $3.3 million.  This line bears interest at the prime lending rate and matures on December 23, 2025.  As of December 31, 2024, the remaining credit available from this line was $1.3 million.

The following table presents total short-term borrowings as of the dates indicated:

(dollars in thousands)	December 31, 2024			December 31, 2023
Overnight repurchase agreements	$	1,962		$	2,383
Federal Home Loan Bank advances		-			9,450
Other short-term borrowings		2,005			-
Total short-term borrowings	$	3,967		$	11,833
Maximum month-end outstanding balance (year-to-date)	$	81,413		$	84,360
Average outstanding balance during the period	$	33,766		$	53,466
Average interest rate (year-to-date)		4.43	%		4.90	%
Average interest rate at end of period		0.03	%		5.65	%

Long-Term Borrowings

The Company had two long-term FHLB advances totaling $40.0 million outstanding at December 31, 2024, with scheduled maturities on July 9, 2027 and July 9, 2029 and rates at 3.69% and 4.33%.  As of December 31, 2023, the Company had long-term FHLB advances totaling $60.0 million outstanding, with scheduled maturities through November 29, 2028 and rates ranging from 3.37% to 4.28%.

On July 14, 2021, the Company completed a $30.0 million issuance, ($29.4 million, net of issuance costs) of subordinated notes (the Notes) in a private placement transaction. The Notes are due in 2031 and bear interest at a fixed rate of 3.5% for five years and at the three-month SOFR plus 286 basis points, resetting quarterly, thereafter.