Borrowings

3 Months Ended

Mar. 31, 2026

11. Borrowings

Short-term borrowings, which included FHLB overnight borrowings or advances with stated original terms of less than twelve months and other borrowings related to collateral held from derivative counterparties, totaled $179.3 million at March 31, 2026, and $32.7 million at December 31, 2025.

The table below outlines short-term borrowings at and for the three months ended March 31, 2026, and at and for the year ended December 31, 2025:


		At and for the three months ended March 31, 2026
							Weighted		Weighted
					Maximum		Average		Average
	Ending		Average		Month-End		Rate for		Rate at End
(Dollars in thousands, except percents)	Balance		Balance		Balance		the Period		of the Period
FHLB advances - Overnight	$	169,261	$	30,069	$	169,261	3.89	%	3.94	%
Other borrowings		10,060		9,111		10,060	3.71		3.64
Total short-term borrowings	$	179,321	$	39,180	$	179,321	3.85	%	3.92	%


	At and for the year ended December 31, 2025
							Weighted		Weighted
					Maximum		Average		Average
	Ending		Average		Month-End		Rate for		Rate at End
(Dollars in thousands, except percents)	Balance		Balance		Balance		the Year		of the Year
FHLB advances - Overnight	$	23,761	$	16,452	$	65,350	4.44	%	3.76	%
Other borrowings		8,960		12,789		18,160	4.35		3.67
Total short-term borrowings	$	32,721	$	29,241	$	83,510	4.40	%	3.74	%

The Company has an agreement with the FHLB which allows for borrowings up to its maximum borrowing capacity based on a percentage of qualifying collateral assets. Advances with the FHLB are secured under terms of a blanket collateral agreement by a pledge of FHLB stock and certain other qualifying collateral, such as investments and mortgage-backed securities and mortgage loans. Interest accrues daily on the FHLB advances based on rates of the FHLB discount notes. The overnight borrowing rate resets each day.

At March 31, 2026, $2.4 billion in loans were pledged to the FHLB providing a maximum borrowing capacity of $1.7 billion of which $304.1 million was outstanding in short-term and long-term advances and $452.3 million was used to issue standby letters of credit to primarily collateralize public fund deposits.

In addition to borrowings from FHLB and correspondent bank lines of credit, the Company has availability through the Federal Reserve Bank’s Discount Window borrower-in-custody program which allows depository institutions to pledge loans as collateral for Discount Window advances while retaining possession of the loan documentation. At March 31, 2026, $719.0 million in loans were pledged as collateral for the borrower-in-custody program and provided $506.4 million in borrowing capacity. There were no borrowings outstanding under this program at March 31, 2026 and December 31, 2025.

Long-term debt consisting of advances from the FHLB at March 31, 2026 and December 31, 2025 is as follows:


	Interest Rate
(Dollars in thousands, except percents)	Fixed			March 31, 2026		December 31, 2025
March 2026	4.78	%	$		$	4,292
March 2026	4.20					15,000
May 2026	4.08			5,000		5,000
August 2026	3.98			12,047		12,047
October 2026	3.95			15,284		15,284
March 2027	3.89			10,000
March 2027	3.51			12,198		12,198
June 2027	4.16			5,224		5,224
July 2027	4.01			21,773		21,773
August 2027	4.40			6,461		6,461
October 2027	5.29			2,275		2,617
October 2027	5.18			5,475		5,475
November 2027	3.61			14,937		14,937
January 2028	3.95			10,000
March 2028	4.45			14,188		14,188
Total FHLB long-term debt				134,862		134,496
Less net fair value discount				(112)		(144)
Total long-term debt			$	134,750	$	134,352

Maturities of long-term debt, by contractual maturity, for the remainder of 2026 and subsequent years are as follows:


(Dollars in thousands)
2026	$	32,331
2027		78,343
2028		24,188
Total FHLB long-term debt		134,862
Less net fair value discount		(112)
Total long-term debt	$	134,750