Short-Term Borrowings

6 Months Ended

Jun. 30, 2024

Short-Term Borrowings

Short-Term Borrowings

NOTE 11 Short-Term Borrowings

Short-term borrowings at June 30, 2024 and December 31, 2023 consisted of the following:

	June 30,		December 31,
(dollars in thousands)	2024		2023
Fed funds purchased	$	—	$	114,170
Bank Term Funding Program (1)		355,000		—
FHLB short-term advances		200,000		200,000
Total	$	555,000	$	314,170

(1) In the first quarter of 2024, the Company borrowed $355.0 million from the Bank Term Funding Program, or BTFP, for a period of up to one year at a fixed rate of 4.88%. Under the program, the Company may prepay this borrowing at any time without penalty and the borrowing is secured by the Company’s pledged collateral of investment securities.