BORROWED FUNDS

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

BORROWED FUNDS

BORROWED FUNDS

At December 31, 2024 and 2023, borrowed funds consisted of the following:

($ in thousands)	2024		2023
Bank Term Funding Program	$	—	$	390,000
FHLB advances	210,000		—
Total	$	210,000	$	390,000

In 2024, each advance from the FHLB was payable at its maturity date in January 2025, with a prepayment penalty for fixed rate advances. Interest was payable monthly at rates ranging from 4.50% to 4.56%. Advances due to the FHLB are collateralized by a blanket lien on first mortgage loans in the amount of the outstanding borrowings, FHLB capital stock, and amounts on deposit with the FHLB. In 2024, advances due to the FHLB were collateralized by $4.265 billion in loans. Based on this collateral and holdings of FHLB stock, the Company is eligible to borrow up to a total of $1.984 billion and $2.051 billion at December 31, 2024 and 2023, respectively.

On March 12, 2023, the Federal Reserve Board announced the Bank Term Funding Program (“BTFP”), which offers loans to banks with a term up to one year. The loans are secured by pledging the banks' U.S. treasuries, agency securities, agency securities, agency mortgage-backed securities, and any other qualifying asset. These pledged securities will be valued at par for collateral purposes. The BTFP offers up to one year fixed-rate term borrowings that are prepayable without penalty.

In 2023, the Bank participated in the BTFP and had outstanding debt of $390.0 million, pledged securities totaling a fair value for $362.4 million at December 31, 2023. The securities pledged have a par value of $398.1 million. The Bank's BTFP borrowings, which were drawn between March 15, 2023 and December 28, 2023, bear interest rates ranging from 4.69% to 4.83% and are set to mature one year from their issuance date. The BTFP borrowings were paid off on 2024.

Payments over the next five years are as follows:

($ in thousands)
2025	$	210,000