Borrowed Funds

3 Months Ended

Mar. 31, 2025

Borrowed Funds

Borrowed Funds

Note 12 – Borrowed Funds

The following is a summary of borrowings at March 31, 2025 and December 31, 2024:

(in thousands)	March 31, 2025		December 31, 2024
Short-term borrowings:
Securities sold under agreements to repurchase:
Outstanding at end of period	$	20,342	$	15,409
Weighted average interest rate at end of period		0.23%		0.24%
Maximum amount outstanding as of any month end	$	20,342	$	44,415
Average amount outstanding	$	18,274	$	29,805
Approximate weighted average rate during the period		0.22%		0.26%
Overnight borrowings, weighted average interest rate of 4.50% at December 31, 2024	$	—	$	50,000
Long-term borrowings:
FHLB advances, bearing fixed interest rate ranging from 3.84% to 4.04% at March 31, 2025 and December 31, 2024.	$	90,000	$	90,000
Junior subordinated debt, bearing variable interest rate of 7.31% at March 31, 2025 and 7.36% at December 31, 2024		30,929		30,929
Total borrowings outstanding	$	141,271	$	186,338

Short-term borrowings decreased by $45.1 million as a result of the purchase of $50.0 million in brokered CDs to fully repay the $50.0 million in overnight borrowings outstanding at December 31, 2024.  This decrease was partially offset by increases in balances of the overnight investment sweep product.

At March 31, 2025, the repurchase agreements were secured by $28.0 million in investment securities issued by government related agencies.  A minimum of 102% of fair value is pledged against account balances.

The following table presents contractual maturities of long-term borrowings outstanding at March 31, 2025 and December 31 2024:

	March 31, 2025						December 31, 2024
(in thousands)	Fixed Rate		Floating Rate		Total		Fixed Rate		Floating Rate		Total
Due in 2025	$	25,000	$	—	$	25,000	$	25,000	$	—	$	25,000
Due in 2026		65,000		—		65,000		65,000		—		65,000
Thereafter		—		30,929		30,929		—		30,929		30,929
Total long-term debt	$	90,000	$	30,929	$	120,929	$	90,000	$	30,929	$	120,929