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7.    Borrowings

Short-term borrowings:

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Period–end short-term borrowings were comprised of the following:

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The Corporation enters into sales of securities under agreements to repurchase. The amounts received under these agreements represent short-term borrowings and are reflected as a liability in the consolidated balance sheets. The securities underlying these agreements are included in investment securities in the consolidated balance sheets. The Corporation has no control over the market value of the securities, which fluctuates due to market conditions. However, the Corporation is obligated to promptly transfer additional securities if the market value of the securities falls below the repurchase agreement price. The Corporation manages this risk by maintaining an unpledged securities portfolio that it believes is sufficient to cover a decline in the market value of the securities sold under agreements to repurchase.

Collateral pledged to repurchase agreements by remaining maturity are as follows:

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Other borrowings:

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Other borrowings at September 30, 2026 and December 31, 2025 are summarized as follows:

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The aggregate minimum annual retirements of other borrowings are as follows:

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Twelve Months Ended September 30,

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At September 30, 2026 and December 31, 2025, other borrowings are summarized as follows: The Corporation’s subsidiary bank is a member of the FHLB and accordingly is permitted to obtain advances. There were $259.3 million of advances from the FHLB at September 30, 2026, and $175.7 million of advances at December 31, 2025. FHLB advances are, generally due in full at maturity. They are secured by eligible securities and a blanket pledge on real estate loan collateral. In addition the Corporation acquired a note payable to a commercial bank and debentures with the acquisition of CedarStone. The note was repaid during the nine months ended September 30, 2026, and the balance of the debentures at September 30, 2026 was $3.0 million.