Short-term Borrowings (Tables)

12 Months Ended

Dec. 31, 2024

Short-term borrowings

Schedule of short-term borrowings

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

	December 31,
	2024		2023
Federal funds purchased	$	407,058	$	459,658
Securities sold under agreements to repurchase		198,418		240,050
Federal Home Loan Bank		—		—
Short-term bank loans		—		—
Commercial paper		228,547		200,330
	$	834,023	$	900,038

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).

	Year Ended December 31,
	2024			2023			2022
Average balance during the year	$	733,799		$	804,515		$	573,183
Average interest rate during the year		5.36	%		5.53	%		2.19	%
Maximum month-end balance during the year	$	798,149		$	1,341,502		$	741,499
	December 31,
	2024			2023
Average interest rate at end of year		5.06	%		5.60	%
Securities underlying the agreements at end of year:
Carrying value	$	198,174		$	239,103
Estimated fair value	$	214,538		$	262,408

Federal Home Loan Bank

Short-term borrowings

Schedule of short-term borrowings

Other information regarding FHLB short-term borrowings is shown in the following table (dollars in thousands).

	Year Ended December 31,
	2024			2023			2022
Average balance during the year	$	—		$	135,274		$	—
Average interest rate during the year		5.62	%		5.10	%		—	%
Maximum month-end balance during the year	$	—		$	500,000		$	—
		December 31,
		2024			2023
Average interest rate at end of year		—	%		—	%