v3.26.1
Borrowings
6 Months Ended
Jun. 30, 2026
Borrowings  
Borrowings

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 $85.3 million at June 30, 2026, and $32.7 million at December 31, 2025.

The table below presents short-term borrowings at and for the six months ended June 30, 2026, and at and for the year ended December 31, 2025:   

At and for the six months ended June 30, 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

  ​ ​ ​

$

73,761

  ​ ​ ​

$

37,415

  ​ ​ ​

$

169,261

  ​ ​ ​

3.88

%  

3.87

%

Other borrowings

11,570

10,305

12,090

 

3.68

3.63

Total short-term borrowings

$

85,331

$

47,720

$

181,351

 

3.84

%  

3.84

%

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

$

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 June 30, 2026, $2.6 billion in loans were pledged to the FHLB providing a maximum borrowing capacity of $1.8 billion of which $228.3 million was outstanding in short-term and long-term advances and $377.1 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 June 30, 2026, $723.4 million in loans were pledged as collateral for the borrower-in-custody program and provided $568.8 million in borrowing capacity. There were no borrowings outstanding under this program at June 30, 2026 and December 31, 2025.

Long-term debt consists of fixed-rate and floating-rate advances from the FHLB. The Company’s holdings of long-term debt at June 30, 2026 and December 31, 2025 is presented in the following table:

  ​ ​ ​

  ​ ​ ​

 

(Dollars in thousands, except percents)

  ​ ​ ​

Interest Rate 

June 30, 2026

December 31, 2025

 

Fixed-rate advances:

March 2026

4.78

%

$

$

4,292

March 2026

4.20

15,000

May 2026

4.08

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

1,929

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 fixed-rate advances

129,516

134,496

Floating-rate advances:

May 2028

3.80

12,500

May 2029

3.85

12,545

Total floating-rate advances

25,045

Total FHLB long-term debt

154,561

134,496

Less net fair value discount

(89)

(144)

Total long-term debt

$

154,472

$

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

$

27,331

2027

77,997

2028

 

36,688

2029

12,545

Total FHLB long-term debt

154,561

Less net fair value discount

(89)

Total long-term debt

$

154,472