Short-Term Borrowings

12 Months Ended

Dec. 31, 2023

Short-Term Debt [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, 2023 and 2022:

	December 31,
($ in thousands)	2023			2022
Federal funds purchased:
Amount outstanding at period end	$	350		$	1,850
Average amount outstanding during period		7,525			13,176
Maximum amount at any month end during period		100,350			2,350
Weighted-average interest at period end		4.90	%		3.90	%
Weighted-average interest rate during period		5.70	%		2.82	%
Securities sold under agreements to repurchase:
Amount outstanding at period end	$	454,479		$	444,421
Average amount outstanding during period		513,306			536,727
Maximum amount at any month end during period		625,773			640,592
Weighted-average interest at period end		1.16	%		0.53	%
Weighted-average interest rate during period		1.36	%		0.21	%
FHLB borrowings:
Amount outstanding at period end	$	700,000		$	1,425,000
Average amount outstanding during period		1,172,603			808,784
Maximum amount at any month end during period		3,100,000			1,425,000
Weighted-average interest at period end		5.58	%		4.70	%
Weighted-average interest rate during period		5.05	%		1.82	%

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 $700 million of FHLB borrowings at December 31, 2023 consists of one fixed rate note entered into on December 29, 2023, that matured on January 2, 2024. The $1.4 billion of FHLB borrowing at December 31, 2022 consisted of one fixed rate note that matured on January 3, 2023.