Borrowed Funds

6 Months Ended

Jun. 30, 2022

Borrowed Funds [Abstract]

Borrowed Funds

Note 13 – Borrowed Funds

The following is a summary of short-term borrowings with original maturities of less than one year:

(Dollars in thousands)	Six Months Ended June 30, 2022		Year Ended December 31, 2021
Overnight borrowings, weighted average interest rate of 1.75% at June 30, 2022	$	18,900	$	—
Securities sold under agreements to repurchase:
Outstanding at end of period	$	51,014	$	57,699
Weighted average interest rate at end of period		0.14%		0.15%
Maximum amount outstanding as of any month end	$	62,023	$	72,396
Average amount outstanding	$	59,710	$	57,697
Approximate weighted average rate during the period		0.12%		0.15%

Short-term borrowings increased $12.2 million since December 31, 2021, driven by $18.9 million in overnight borrowings, which were offset by a decrease in other short-term borrowings of $6.7 million during the six months related to our Treasury Management customers utilizing their funds.

At June 30, 2022, the repurchase agreements were secured by $69.5 million in investment securities issued by government related agencies.  A minimum of 102% of fair value is pledged against account balances.