Short-Term Borrowings	6 Months Ended
Jun. 30, 2024
Short-Term Debt [Abstract]
Short-Term Borrowings	5. Short-term Borrowings Short-term borrowings include Federal Home Loan Bank (FHLB) advances totaling $650.0 million and $700.0 million at June 30, 2024 and December 31, 2023, respectively. At June 30, 2024, the FHLB advances outstanding was comprised of two fixed-rate facilities with a weighted average interest of 5.50% that both matured on July 1, 2024. The FHLB advances outstanding at December 31, 2023 included one fixed rate advance with an interest rate of 5.58% that matured on January 2, 2024. As these short-term advances mature, they are generally paid off and replaced with new short-term FHLB advances, if warranted, depending on funding needs. Also included in short-term borrowings are securities sold under agreements to repurchase that mature daily and are secured by U.S. agency securities totaling $563.6 million and $454.5 million at June 30, 2024 and December 31, 2023, respectively. The Company borrows funds on a secured basis by selling securities under agreements to repurchase, mainly in connection with treasury management services offered to its deposit customers. As the Company maintains effective control over assets sold under agreements to repurchase, the securities continue to be carried on the consolidated statements of financial condition. Because the Company acts as borrower transferring assets to the counterparty, and the agreements mature daily, the Company’s risk is limited. The remaining balances in short-term borrowings for both periods are federal funds purchased, which are unsecured borrowings from other banks, generally on an overnight basis.

Short-Term Borrowings

6 Months Ended

Jun. 30, 2024

5. Short-term Borrowings

Short-term borrowings include Federal Home Loan Bank (FHLB) advances totaling $650.0 million and $700.0 million at June 30, 2024 and December 31, 2023, respectively. At June 30, 2024, the FHLB advances outstanding was comprised of two fixed-rate facilities with a weighted average interest of 5.50% that both matured on July 1, 2024. The FHLB advances outstanding at December 31, 2023 included one fixed rate advance with an interest rate of 5.58% that matured on January 2, 2024. As these short-term advances mature, they are generally paid off and replaced with new short-term FHLB advances, if warranted, depending on funding needs.

Also included in short-term borrowings are securities sold under agreements to repurchase that mature daily and are secured by U.S. agency securities totaling $563.6 million and $454.5 million at June 30, 2024 and December 31, 2023, respectively. The Company borrows funds on a secured basis by selling securities under agreements to repurchase, mainly in connection with treasury management services offered to its deposit customers. As the Company maintains effective control over assets sold under agreements to repurchase, the securities continue to be carried on the consolidated statements of financial condition. Because the Company acts as borrower transferring assets to the counterparty, and the agreements mature daily, the Company’s risk is limited.

The remaining balances in short-term borrowings for both periods are federal funds purchased, which are unsecured borrowings from other banks, generally on an overnight basis.