Short-Term Borrowings

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Short-Term Borrowings

Short-Term Borrowings

(In Thousands)

Short-term borrowings as of December 31 are summarized as follows: 

	2019		2018
Securities sold under agreements to repurchase	$	9,091	$	7,706
Federal Home Loan Bank short-term advances	480,000		380,000
Total short-term borrowings	$	489,091	$	387,706

Securities sold under agreements to repurchase (“repurchase agreements”) represent funds received from customers, generally on an overnight or continuous basis, which are collateralized by investment securities owned or, at times, borrowed and re-hypothecated by the Company. The securities used as collateral consist primarily of U.S. Government agency mortgage backed securities, U.S. Government agency collateralized mortgage obligations, obligations of U.S. Government agencies, and obligations of states and political subdivisions. All securities are maintained by the Company’s safekeeping agents. These securities are reviewed by the Company on a daily basis, and the Company may be required to provide additional collateral due to changes in the fair market value of these securities. The terms of the Company’s repurchase agreements are continuous but may be canceled at any time by the Company or the customer.

Federal Home Loan Bank short-term advances are borrowings with original maturities of less than one year.

The average balances and cost of funds of short-term borrowings for the years ending December 31 are summarized as follows:

	Average Balances						Cost of Funds
	2019		2018		2017		2019		2018		2017
Federal Home Loan Bank short-term advances	$	114,965	$	147,749	$	208,332	2.59	%	2.21	%	1.27	%
Securities sold under agreements to repurchase	8,479		7,986		9,215		0.15		0.17		0.17
Total short-term borrowings	$	123,444	$	155,735	$	217,547	2.43	%	2.10	%	1.22	%

The Company maintains lines of credit with correspondent banks totaling $150,000 at December 31, 2019. Interest is charged at the market federal funds rate on all advances. There were no amounts outstanding under these lines of credit at December 31, 2019 or 2018.