Short Term Borrowings (Tables)

12 Months Ended

Dec. 31, 2023

Short-Term Borrowings

Short-term borrowings were as follows:


December 31 (In thousands)	2023		2022
Securities sold under agreements to repurchase	$	108,182	$	227,342
FHLB advances	220,000		—
Total short-term borrowings	$	328,182	$	227,342

The outstanding balances for all short-term borrowings as of December 31, 2023 and 2022 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
2023
Ending balance	$	108,182		$	220,000
Highest month-end balance	218,126			247,000
Average daily balance	146,388			36,634
Weighted-average interest rate:
As of year-end	1.88		%	5.44		%
Paid during the year	1.76		%	5.83		%
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		%	N.A.
Paid during the year (1)	0.57		%	0.04		%

(1) Interest rate swaps with notional amounts of zero at December 31, 2022 (the swap was paid off during 2022) 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 ended December 31, 2022 on FHLB advances was 3.62%.

During 2022 and 2023, 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, 2023 and December 31, 2022, $5.2 million and $6.8 million, respectively, of investment securities were pledged as collateral for FHLB advances. At December 31, 2023 and December 31, 2022, $1,959 million and $1,832 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.