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Borrowed Funds
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Borrowed Funds Borrowed Funds
Short-Term Borrowings
Short-term borrowings at September 30, 2024 and December 31, 2023 consisted of the following:
September 30, 2024December 31, 2023
 (in thousands)
FHLB advances$— $850,000 
Securities sold under agreements to repurchase58,268 67,834 
Total short-term borrowings$58,268 $917,834 
The weighted average interest rate for short-term FHLB advances was 5.62 percent at December 31, 2023.
Long-Term Borrowings
Long-term borrowings at September 30, 2024 and December 31, 2023 consisted of the following:    
September 30, 2024December 31, 2023
 (in thousands)
FHLB advances, net (1)
$2,626,660 $1,690,013 
Subordinated debt, net (2)
647,680 638,362 
Total long-term borrowings$3,274,340 $2,328,375 
(1)
FHLB advances are presented net of unamortized premiums totaling $56 thousand and $209 thousand at September 30, 2024 and December 31, 2023, respectively.
(2)
Subordinated debt is presented net of unamortized debt issuance costs totaling $4.0 million and $5.2 million at September 30, 2024 and December 31, 2023, respectively.
FHLB advances. Long-term FHLB advances had a weighted average interest rate of 4.10 percent and 3.75 percent at September 30, 2024 and December 31, 2023, 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 September 30, 2024 are scheduled for contractual balance repayments as follows:
YearAmount
 (in thousands)
2024$100,000 
2025273,000 
2026601,804 
2027926,800 
2028475,000 
Thereafter250,000 
Total long-term FHLB advances$2,626,604 
The FHLB advances reported in the table above are not callable for early redemption.
Subordinated debt. There were no new issuances of subordinated debt during the nine months ended September 30, 2024. See Note 10 in Valley’s Annual Report for additional information on the outstanding subordinated debt at September 30, 2024.