Borrowed Funds (Tables)

3 Months Ended

Mar. 31, 2025

Borrowed Funds

Schedule of borrowings

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

Summary of contractual maturities of long-term borrowings

	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