The following table presents information concerning short-term borrowings at March 31, 2023 and December 31, 2022.


	March 31,			December 31,
($ in thousands)	2023			2022
Federal funds purchased:
Amount outstanding at period end	$	350		$	1,850
Weighted-average interest at period end		4.40	%		3.90	%
Securities sold under agreements to repurchase:
Amount outstanding at period end	$	419,147		$	444,421
Weighted-average interest at period end		0.95	%		0.53	%
FHLB borrowings:
Amount outstanding at period end	$	3,100,000		$	1,425,000
Weighted-average interest at period end		4.99	%		4.70	%

The following table presents information concerning short-term borrowings for the three months ended March 31, 2023 and 2022.


	Three Months Ended
	March 31,
($ in thousands)	2023			2022
Federal funds purchased:
Average amount outstanding during period	$	8,411		$	2,387
Maximum amount at any month end during period	$	1,850		$	2,350
Weighted-average interest rate during period		5.11	%		0.28	%
Securities sold under agreements to repurchase:
Average amount outstanding during period	$	445,773		$	587,508
Maximum amount at any month end during period	$	499,011		$	640,592
Weighted-average interest rate during period		0.69	%		0.06	%
FHLB borrowings:
Average amount outstanding during period	$	1,644,444		$	1,100,011
Maximum amount at any month end during period	$	3,100,000		$	1,100,000
Weighted-average interest rate during period		4.74	%		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 $3.1 billion of Federal Home Loan Bank ("FHLB") borrowings at March 31, 2023 consisted of five fixed rate advances with maturity dates in April and May 2023. The $1.4 billion of FHLB borrowings at December 31, 2022 consisted of one fixed rate note entered into on December 30, 2022, that matured on January 3, 2023.

Subsequent to quarter end, in early May 2023, the Company repaid $1.45 billion of FHLB borrowings at maturity using available excess liquidity, and continues to carry FHLB borrowings that will vary based on cash needs.