Short Term Borrowings (Tables)

12 Months Ended

Dec. 31, 2022

Short-Term Debt [Abstract]

Schedule of short-term debt

Short-Term Borrowings

Short-term borrowings were as follows:

December 31 (In thousands)	2022		2021
Securities sold under agreements to repurchase	$	227,342	$	213,786
FHLB advances	—		25,000
Total short-term borrowings	$	227,342	$	238,786

The outstanding balances for all short-term borrowings as of December 31, 2022 and 2021 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
2022
Ending balance	$	227,342		$	—
Highest month-end balance	227,342			25,000
Average daily balance	199,813			7,195
Weighted-average interest rate:
As of year-end	1.39		%	—		%
Paid during the year (1)	0.57		%	0.04		%
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		%

(1) Interest rate swaps with notional amounts of a zero balance at December 31, 2022 (the swap was paid off during 2022) and a balance of $25.0 million at December 31, 2021 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 3.62% and 2.69% for 2022 and 2021, respectively.

During 2021 and 2022, 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, 2022 and December 31, 2021, $7.2 million and $9.5 million, respectively, of investment securities were pledged as collateral for FHLB advances. At December 31, 2022 and December 31, 2021, $1,832 million and $1,749 million, respectively, of commercial real estate and residential mortgage loans were pledged under a blanket agreement to the FHLB by PNB. See Note 15 - Repurchase Agreement Borrowings for information related to investment securities collateralizing repurchase agreements.