Short-term Borrowings (Tables)

3 Months Ended

Mar. 31, 2025

Short-term borrowings

Schedule of short-term borrowings

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

	March 31,		December 31,
	2025		2024
Federal funds purchased	$	289,828	$	407,058
Securities sold under agreements to repurchase		175,159		198,418
Federal Home Loan Bank		—		—
Short-term bank loans		—		—
Commercial paper		240,021		228,547
	$	705,008	$	834,023

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).

	Three Months Ended March 31,
	2025			2024
Average balance during the period	$	560,581		$	770,705
Average interest rate during the period		4.45	%		5.50	%
	March 31,			December 31,
	2025			2024
Average interest rate at end of period		4.52	%		5.06	%
Securities underlying the agreements at end of period:
Carrying value	$	174,508		$	198,174
Estimated fair value	$	191,323		$	214,538

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).

	Three Months Ended March 31,
	2025			2024
Average balance during the period	$	—		$	—
Average interest rate during the period		4.65	%		5.71	%