Borrowed Funds (Tables)

12 Months Ended

Dec. 31, 2024

Borrowed Funds

Summary of Short-term Borrowings

The following is a summary of short-term borrowings at December 31, 2024 and 2023 with original maturities of less than one year:

(in thousands)	2024		2023
Securities sold under agreements to repurchase:
Outstanding at end of year	$	15,409	$	45,418
Weighted average interest rate at year end		0.24%		0.27%
Maximum amount outstanding as of any month end	$	44,415	$	59,777
Average amount outstanding	$	29,805	$	50,498
Approximate weighted average rate during the year		0.26%		0.24%
Overnight borrowings, weighted average interest rate of 4.50% at December 31, 2024	$	50,000	$	—

Summary of Long-term Borrowings

(in thousands)	2024		2023
FHLB advances bearing fixed interest rates ranging from 3.84% to 4.04% at December 31, 2024 and 4.53% to 4.69% at December 31, 2023	$	90,000	$	80,000
Junior subordinated debt, bearing variable interest rate of 7.36% at December 31, 2024 and 8.39% at December 31, 2023	$	30,929	$	30,929
Total long-term debt	$	120,929	$	110,929

Schedule of Pledged Collateral on Line of Credit

1-4 family mortgage loans	$	151,493
Commercial loans		124,571
Multi-family loans		12,619
Home equity loans		21,104
Total available borrowing capacity		309,787
Less: borrowings and letters of credit outstanding		(96,214)
Available credit	$	213,573