Short-Term Borrowings

12 Months Ended

Dec. 31, 2022

Short Term Borrowings [Abstract]

Short-Term Borrowings

Note 9. Short-Term Borrowings

The following table presents information concerning short-term borrowings at and for the years ended December 31, 2022 and 2021:

	December 31,
($ in thousands)	2022			2021
Federal funds purchased:
Amount outstanding at period end	$	1,850		$	1,850
Average amount outstanding during period		13,176			3,762
Maximum amount at any month end during period		2,350			4,400
Weighted-average interest at period end		3.90	%		0.15	%
Weighted-average interest rate during period		2.82	%		0.43	%
Securities sold under agreements to repurchase:
Amount outstanding at period end	$	444,421		$	563,211
Average amount outstanding during period		536,727			559,410
Maximum amount at any month end during period		640,592			643,403
Weighted-average interest at period end		0.53	%		0.05	%
Weighted-average interest rate during period		0.21	%		0.10	%
FHLB borrowings:
Amount outstanding at period end	$	1,425,000		$	1,100,000
Average amount outstanding during period		808,784			1,100,000
Maximum amount at any month end during period		1,425,000			1,100,000
Weighted-average interest at period end		4.70	%		0.49	%
Weighted-average interest rate during period		1.82	%		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 $1.4 billion of FHLB borrowings at December 31, 2022 consists of one fixed rate note entered into on December 30, 2022, that matured on January 3, 2023. 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) prior to maturity. These notes were called and repaid during the second and third quarters of 2022.