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Short-Term Borrowings
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Short-Term Borrowings Short-Term Borrowings
(In Thousands)
Short-term borrowings as of December 31 are summarized as follows: 
20242023
Securities sold under agreements to repurchase$8,018 $7,577 
Federal Home Loan Bank short-term advances100,000 300,000 
Total short-term borrowings$108,018 $307,577 
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 funds purchased, of which there were none outstanding at December 31, 2024 and 2023, are short term borrowings, generally overnight borrowings, between financial institutions that are generally used to maintain reserve requirements at the Federal Reserve Bank or elsewhere. Short-term borrowings from the FHLB (i.e. advances with original maturities of less than one year) are used to meet anticipated short-term liquidity needs. The Company had availability on unused lines of credit with the FHLB of $4,004,630 at December 31, 2024. The Company also had credit available at the Federal Reserve Discount Window in the amount of $656,683.
The average balances and cost of funds of short-term borrowings for the years ending December 31 are summarized as follows:
 Average BalancesCost of Funds
 202420232022202420232022
Federal Home Loan Bank short-term advances$110,601 $453,630 $175,370 1.34 %4.11 %2.52 %
Federal funds purchased5 25 97 2.05 6.34 3.97 
Securities sold under agreements to repurchase8,658 8,037 12,217 0.96 0.98 0.36 
Total short-term borrowings$119,264 $461,692 $187,684 1.32 %4.05 %2.38 %
The Company maintains lines of credit with correspondent banks totaling $150,000 at December 31, 2024. 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, 2024 or 2023.