| Summary of Federal Funds Purchased, Securities Sold Under Agreements to Repurchase and Other Short-term Borrowings |
Short-term borrowings, which consist of federal funds purchased and short-term FHLB advances, are summarized as follows:
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March 31, 2026 |
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December 31, 2025 |
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Short-term
Borrowings |
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Short-term
Borrowings |
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Fed Funds Purchased |
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$ |
— |
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$ |
— |
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FHLB Advances: |
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Single maturity fixed rate advances |
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$ |
100,000 |
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$ |
100,000 |
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Interest rate on balance |
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|
3.82 |
% |
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|
3.81 |
% |
Overnight advances |
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$ |
— |
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$ |
75,000 |
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Interest rate on balance |
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|
— |
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|
|
3.81 |
% |
Total Short-term FHLB Advances |
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$ |
100,000 |
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$ |
175,000 |
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The single maturity fixed rate advances consisted of one advance that matures on May 18, 2026.
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Three Months Ended March 31, |
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2026 |
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2025 |
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Short-term
Borrowings |
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Short-term
Borrowings |
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Maximum indebtedness |
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$ |
270,500 |
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$ |
394,000 |
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Rate |
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|
3.71 |
% |
|
|
4.42 |
% |
End of period balance |
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$ |
100,000 |
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$ |
360,000 |
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Rate |
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3.82 |
% |
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|
4.42 |
% |
Average balance |
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$ |
148,656 |
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$ |
355,589 |
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Rate |
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|
3.77 |
% |
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|
4.42 |
% |
Average balance during the period represents daily averages. Average rate paid represents interest expense divided by the related average balances. The following table summarizes the Company's subordinated debentures at March 31, 2026 and December 31, 2025.
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March 31, 2026 |
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December 31, 2025 |
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Subordinated
Debentures |
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Subordinated
Debentures |
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Subordinated Debentures: |
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First Citizens Statutory Trust II |
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$ |
7,732 |
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$ |
7,732 |
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First Citizens Statutory Trust III |
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12,887 |
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12,887 |
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First Citizens Statutory Trust IV |
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|
5,155 |
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5,155 |
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Futura TPF Trust I |
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2,578 |
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2,578 |
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Futura TPF Trust II |
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|
1,997 |
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|
1,997 |
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Long-Term Subordinated Debentures, net of unamortized debt issuance costs |
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73,927 |
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73,885 |
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Total Subordinated Debentures |
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$ |
104,276 |
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$ |
104,234 |
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