Borrowings

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Borrowings

Note 9.  Borrowings

Details of the Company’s short-term borrowings (original term of one year or less) as of December 31, 2021, and December 31, 2020 were as follows:

	December 31,
(dollars in thousands)	2021		2020
Securities Sold Under Agreements to Repurchase (short-term) 1
Amounts Outstanding	$	—	$	100
Weighted-Average Interest Rate		—		1.20	%

¹ Consists entirely of repurchase agreements with government entities.  Excludes long-term repurchase agreements with government entities of $0.5 million as of December 31, 2021, and December 31, 2020, and long-term repurchase agreements with private institutions of $450.0 million and $600.0 million as of December 31, 2021, and December 31, 2020, respectively.

The Company’s total securities sold under agreements to repurchase were $450.5 million and $600.6 million as of December 31, 2021, and December 31, 2020, respectively.  As of December 31, 2021, all of our repurchase agreements were at fixed interest rates.

As of December 31, 2021, long-term repurchase agreements (original term over one year) placed with government entities were $0.5 million with a weighted-average interest rate of 1.55% and a weighted-average maturity of 2.9 years.

As of December 31, 2021, long-term repurchase agreements placed with private institutions were $450.0 million with a weighted-average interest rate of 2.46%.  Remaining terms ranged from 2024 to 2026 with a weighted-average maturity of 3.0 years.