Short Term Borrowings

12 Months Ended

Dec. 31, 2021

Short-term borrowings were as follows:


December 31 (In thousands)	2021		2020
Securities sold under agreements to repurchase	$	213,786	$	317,230
FHLB advances	25,000		25,000
Total short-term borrowings	$	238,786	$	342,230

The outstanding balances for all short-term borrowings as of December 31, 2021 and 2020 and the weighted-average interest rates as of and paid during each of the years then ended were as follows:


(In thousands)	Repurchase agreements			FHLB Advances
2021
Ending balance	$	213,786		$	25,000
Highest month-end balance	297,118			25,000
Average daily balance	261,967			25,025
Weighted-average interest rate:
As of year-end	0.03		%	0.23		%
Paid during the year (1)	0.04		%	0.23		%
2020
Ending balance	$	317,230		$	25,000
Highest month-end balance	317,230			25,000
Average daily balance	250,266			26,751
Weighted-average interest rate:
As of year-end	0.03		%	0.26		%
Paid during the year (1)	0.19		%	0.80		%

(1) Interest rate swaps with notional amounts totaling $25.0 million at both December 31, 2021 and December 31, 2020 were designated as cash flow hedges of certain FHLB advances. Including interest expense related to the swaps, the weighted average interest rate paid during the year on FHLB advances was 2.69% and 2.38% for 2021 and 2020, respectively.

During 2020 and 2021, outstanding FHLB advances were collateralized by investment securities owned by PNB and by various loans pledged under a blanket agreement by PNB. At December 31, 2021 and December 31, 2020, $9.5 million and $13.9 million, respectively, of investment securities were pledged as collateral for FHLB advances. At December 31, 2021 and December 31, 2020, $1,749.3 million and $1,520.5 million, respectively, of commercial real estate and residential mortgage loans were pledged under a blanket agreement to the FHLB by PNB. See Note 13 - Repurchase Agreement Borrowings for information related to investment securities collateralizing repurchase agreements.