Borrowed Funds

9 Months Ended

Sep. 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)	Nine Months Ended September 30, 2022		Year Ended December 31, 2021
Overnight borrowings, weighted average interest rate of 3.25% at September 30, 2022	$	20,000	$	—
Securities sold under agreements to repurchase:
Outstanding at end of period	$	69,726	$	57,699
Weighted average interest rate at end of period		0.13%		0.15%
Maximum amount outstanding as of any month end	$	75,912	$	72,396
Average amount outstanding	$	60,839	$	57,697
Approximate weighted average rate during the period		0.12%		0.15%

Short term borrowings increased $32.0 million since December 31, 2021, driven by $20.0 million in overnight borrowings and an increase in our overnight investments Treasury product of $12.0 million during the quarter.  The increase in overnight borrowings at September 30, 2022 was primarily driven by the strong loan growth and a timing delay of the receipt of deposit funding from a large customer driven transaction.  These funds were received shortly after quarter end and subsequently repaid the $20.0 million in overnight borrowings in full.

At September 30, 2022, the repurchase agreements were secured by $85.4 million in investment securities issued by government related agencies.  A minimum of 102% of fair value is pledged against account balances.