The following table presents information concerning short-term borrowings at September 30, 2022 and December 31, 2021.


	September 30,			December 31,
(in thousands)	2022			2021
Federal funds purchased:
Amount outstanding at period end	$	1,850		$	1,850
Weighted-average interest at period end		2.65	%		0.15	%
Securities sold under agreements to repurchase:
Amount outstanding at period end	$	541,131		$	563,211
Weighted-average interest at period end		0.16	%		0.05	%
FHLB borrowings:
Amount outstanding at period end	$	1,000,000		$	1,100,000
Weighted-average interest at period end		3.15	%		0.49	%

The following table presents information concerning short-term borrowings for the three and nine months ended September 30, 2022 and 2021.


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in thousands)	2022			2021			2022			2021
Federal funds purchased:
Average amount outstanding during period	$	28,861		$	3,283		$	11,425		$	4,284
Maximum amount at any month end during period	$	1,850		$	4,300		$	2,350		$	4,400
Weighted-average interest rate during period		2.59	%		0.23	%		2.29	%		0.46	%
Securities sold under agreements to repurchase:
Average amount outstanding during period	$	516,546		$	508,969		$	542,105		$	549,315
Maximum amount at any month end during period	$	541,131		$	643,403		$	640,592		$	643,403
Weighted-average interest rate during period		0.13	%		0.08	%		0.09	%		0.12	%
FHLB borrowings:
Average amount outstanding during period	$	405,163		$	1,100,000		$	731,982		$	1,100,000
Maximum amount at any month end during period	$	1,000,000		$	1,100,000		$	1,100,000		$	1,100,000
Weighted-average interest rate during period		2.34	%		0.49	%		0.84	%		0.49	%

Federal funds purchased represent unsecured borrowings from other banks, generally on an overnight basis.

Securities sold under agreements to repurchase ("repurchase agreements") are funds borrowed on a secured basis by selling securities under agreements to repurchase, mainly in connection with treasury-management services offered to deposit customers. The customer repurchase agreements mature daily and are secured by agency securities. As the Company maintains effective control over assets sold under agreements to repurchase, the securities continue to be presented in the Consolidated Balance Sheets. Because the Company acts as a borrower transferring assets to the counterparty, and the agreements mature daily, the Company's risk is limited.

The $1.0 billion of FHLB borrowings at September 30, 2022 consists of two 90-day floating rate notes maturing in November and December of 2022. The interest rates on these advances reset daily and are indexed to the Secured Overnight Financing Rate (SOFR). The $1.1 billion of FHLB borrowing at December 31, 2021 consisted of five fixed rate notes scheduled to mature between 2034 and 2035, that were classified as short-term as the FHLB had the option to put (terminate) the advances prior to maturity. These notes were called and repaid during the third and second quarters of 2022.