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Borrowed Funds
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Borrowed Funds Borrowed Funds
Short-Term Borrowings
Short-term borrowings at June 30, 2023 and December 31, 2022 consisted of the following:
June 30, 2023December 31, 2022
 (in thousands)
FHLB advances$1,000,000 $24,035 
Securities sold under agreements to repurchase88,899 114,694 
Total short-term borrowings$1,088,899 $138,729 
The weighted average interest rate for short-term FHLB advances was 5.30 percent and 1.60 percent at June 30, 2023 and December 31, 2022, respectively.
Long-Term Borrowings
Long-term borrowings at June 30, 2023 and December 31, 2022 consisted of the following:
June 30, 2023December 31, 2022
 (in thousands)
FHLB advances, net (1)
$1,688,311 $788,419 
Subordinated debt, net (2)
755,222 754,639 
Total long-term borrowings$2,443,533 $1,543,058 
(1)
FHLB advances are presented net of unamortized premiums totaling $311 thousand and $419 thousand at June 30, 2023 and December 31, 2022, respectively.
(2)
Subordinated debt is presented net of unamortized debt issuance costs totaling $6.0 million and $6.9 million at June 30, 2023 and December 31, 2022, respectively.
FHLB Advances. Long-term FHLB advances had a weighted average interest rate of 3.75 percent and 1.88 percent at June 30, 2023 and December 31, 2022, respectively. FHLB advances are secured by pledges of certain eligible collateral, including but not limited to, U.S. government and agency mortgage-backed securities and a blanket
assignment of qualifying first lien mortgage loans, consisting of both residential mortgage and commercial real estate loans.

The long-term FHLB advances at June 30, 2023 are scheduled for contractual balance repayments as follows:
YearAmount
 (in thousands)
2024$165,000 
2025273,000 
2026350,000 
2027675,000 
Thereafter225,000 
Total long-term FHLB advances$1,688,000 
There are no FHLB advances reported in the table above, which are callable for early redemption by the FHLB during the next 12 months.
Subordinated debt. There were no new issuances of the subordinated debt during the six months ended June 30, 2023. See Note 10 in Valley’s Annual Report on Form 10-K for the year ended December 31, 2022 for details on the outstanding subordinated debt.