Short-term Borrowings (Tables)

6 Months Ended

Jun. 30, 2022

Short-term borrowings

Schedule of short-term borrowings

Short-term borrowings are summarized as follows (in thousands).

	June 30,		December 31,
	2022		2021
Federal funds purchased	$	352,950	$	171,925
Securities sold under agreements to repurchase		180,645		191,547
Federal Home Loan Bank		—		—
Short-term bank loans		—		142,000
Commercial paper		289,054		353,972
	$	822,649	$	859,444

Federal Funds Purchased and Securities Sold under Agreements to Repurchase

Short-term borrowings

Schedule of short-term borrowings

Information concerning federal funds purchased and securities sold under agreements to repurchase is shown in the following tables (dollars in thousands).

	Six Months Ended June 30,
	2022			2021
Average balance during the period	$	477,533		$	339,545
Average interest rate during the period		0.67	%		0.36	%
	June 30,			December 31,
	2022			2021
Average interest rate at end of period		1.48	%		0.31	%
Securities underlying the agreements at end of period:
Carrying value	$	180,569		$	191,483
Estimated fair value	$	193,545		$	205,734