v3.26.1
FHLB Advances, Other Borrowings and Subordinated Notes and Debentures
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
FHLB Advances, Other Borrowings and Subordinated Notes and Debentures

Note 9 — FHLB Advances, Other Borrowings and Subordinated Notes and Debentures

The composition of borrowed funds is shown below. Average balances represent year-to-date averages.

 

 

March 31, 2026

 

 

December 31, 2025

 

 

 

Balance

 

 

Weighted
Average
Balance

 

 

Weighted
Average
Rate

 

 

Balance

 

 

Weighted
Average
Balance

 

 

Weighted
Average
Rate

 

 

 

(Dollars in Thousands)

 

FHLB advances

 

$

248,616

 

 

$

200,132

 

 

 

3.13

%

 

$

197,246

 

 

$

246,486

 

 

 

3.20

%

Line of credit

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1

 

 

 

4.25

 

Other borrowings

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4

 

 

 

—

 

Subordinated notes and debentures

 

 

54,835

 

 

 

54,815

 

 

 

6.42

 

 

 

54,805

 

 

 

54,742

 

 

 

6.43

 

 

 

$

303,451

 

 

$

254,947

 

 

 

3.84

 

 

$

252,051

 

 

$

301,233

 

 

 

3.79

 

 

A summary of annual maturities of borrowings at March 31, 2026 is as follows:

(In Thousands)

 

 

 

Maturities during the year ended December 31,

 

 

 

2026

 

$

177,099

 

2027

 

 

10,000

 

2028

 

 

10,450

 

2029

 

 

23,902

 

2030

 

 

20,000

 

Thereafter

 

 

62,000

 

 

 

$

303,451

 

 

The Corporation has entered into derivative contracts hedging a portion of the borrowings included above. As of March 31, 2026, the notional amount of derivatives designated as cash flow hedges totaled $48.4 million with a weighted average remaining maturity of 1.87 years and a weighted average rate of 2.52%.

As of March 31, 2026 and December 31, 2025, the Corporation was in compliance with its debt covenants under its third-party secured senior line of credit. On February 18, 2026, the credit line was renewed for one additional year with pricing terms of 1-month term SOFR + 2.36% and a maturity date of February 17, 2027.