Short-term Borrowings (Tables)

9 Months Ended

Sep. 30, 2022

Short-term borrowings

Schedule of short-term borrowings

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

	September 30,		December 31,
	2022		2021
Federal funds purchased	$	439,200	$	171,925
Securities sold under agreements to repurchase		302,299		191,547
Federal Home Loan Bank		—		—
Short-term bank loans		7,000		142,000
Commercial paper		193,810		353,972
	$	942,309	$	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).

	Nine Months Ended September 30,
	2022			2021
Average balance during the period	$	530,180		$	328,853
Average interest rate during the period		1.36	%		0.37	%
	September 30,			December 31,
	2022			2021
Average interest rate at end of period		2.91	%		0.31	%
Securities underlying the agreements at end of period:
Carrying value	$	343,655		$	191,483
Estimated fair value	$	362,237		$	205,734