Borrowed Funds

3 Months Ended

Mar. 31, 2024

Borrowed Funds [Abstract]

Borrowed Funds

Note 12 – Borrowed Funds

The following is a summary of borrowings:

(in thousands)	Three Months Ended March 31, 2024		Year Ended December 31, 2023
Securities sold under agreements to repurchase:
Outstanding at end of period	$	39,494	$	45,418
Weighted average interest rate at end of period		0.27%		0.27%
Maximum amount outstanding as of any month end	$	44,415	$	59,777
Average amount outstanding	$	41,422	$	50,498
Approximate weighted average rate during the period		0.27%		0.24%
Bank Term Funding Program, fixed rate of 4.87% at March 31, 2024	$	40,000	$	—
FHLB advances, bearing fixed interest rate of 4.53% at March 31, 2024 and rates ranging from 4.53% to 4.69% at December 31, 2023.	$	40,000	$	80,000
Junior subordinated debt, bearing variable interest rate of 8.34% at March 31, 2024 and 8.39% at December 31, 2023		30,929		30,929
Total borrowings outstanding	$	150,423	$	156,347

Short-term borrowings increased by $34.1 million, as the Bank borrowed $40.0 million from the Bank Term Funding Program of the Board of Governors of the Federal Reserve System in January 2024, which was partially offset by a decrease of $5.9 million in other short-term borrowings due to fluctuations in municipal customer balances in overnight investment sweep products.  

At March 31, 2024, the repurchase agreements were secured by $52.7 million in investment securities issued by government related agencies.  A minimum of 102% of fair value is pledged against account balances.

Long-term borrowings decreased by $40.0 million as a $40.0 million advance from the Federal Home Loan Bank matured in March 2024 and was fully repaid.