Borrowed Funds

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Borrowed Funds

Borrowed Funds

Borrowed funds at March 31, 2024 and December 31, 2023 were as follows (in thousands):

	March 31,		December 31,
	2024		2023
FHLB advances	$	658,436	$	848,636
Securities sold under agreements to repurchase with customers	66,798		73,148
Other borrowings	425,722		196,456
Total borrowed funds	$	1,150,956	$	1,118,240

At March 31, 2024, there were $608.6 million of short-term advances and $49.8 million outstanding in overnight borrowings from the FHLB, as compared to $848.6 million and $0 at December 31, 2023, respectively.

At March 31, 2024, there were $425.7 million of other borrowings as compared to $196.5 million at December 31, 2023 due to a shift in funding sources from FHLB to other borrowings.

Pledged assets

The following table presents the assets pledged to secure borrowings, borrowing capacity, repurchase agreements, letters of credit, and for other purposes required by law at carrying value (in thousands):

	Loans		Debt securities		Total
March 31, 2024
FHLB and FRB	$	7,336,405	$	1,244,634	$	8,581,039
Repurchase agreements	—		101,526		101,526
Total pledged assets	$	7,336,405	$	1,346,160	$	8,682,565
December 31, 2023
FHLB and FRB	$	7,255,671	$	1,051,558	$	8,307,229
Repurchase agreements	—		103,416		103,416
Total pledged assets	$	7,255,671	$	1,154,974	$	8,410,645

The securities pledged, which collateralize the repurchase agreements are delivered to the lender, with whom each transaction is executed, or to a third-party custodian. The lender, who may sell, loan or otherwise dispose of such securities to other parties in the normal course of their operations, agrees to resell to the Company substantially the same securities at the maturity of the repurchase agreements.