Short-Term Borrowings

12 Months Ended

Dec. 31, 2021

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, 2021 and 2020:

	December 31,
(in thousands)	2021			2020
Federal funds purchased:
Amount outstanding at period end	$	1,850		$	300
Average amount outstanding during period		3,762			9,708
Maximum amount at any month end during period		4,400			330,330
Weighted-average interest at period end		0.15	%		0.15	%
Weighted-average interest rate during period		0.43	%		1.15	%
Securities sold under agreements to repurchase:
Amount outstanding at period end	$	563,211		$	567,213
Average amount outstanding during period		559,410			600,167
Maximum amount at any month end during period		643,403			806,645
Weighted-average interest at period end		0.05	%		0.14	%
Weighted-average interest rate during period		0.10	%		0.24	%
FHLB borrowings:
Amount outstanding at period end	$	1,100,000		$	1,100,000
Average amount outstanding during period		1,100,000			1,368,320
Maximum amount at any month end during period		1,100,000			2,110,000
Weighted-average interest at period end		0.49	%		0.49	%
Weighted-average interest rate during period		0.49	%		0.62	%

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 $1.1 billion of FHLB borrowings at December 31, 2021 consists of five fixed rate notes maturing between 2034 and 2035, that are classified as short-term as the FHLB has the option to put (terminate) the advance prior to maturity.