Short-Term Borrowings

12 Months Ended

Dec. 31, 2021

Short-Term Borrowings

Short-Term Borrowings

Note 10:      Short-Term Borrowings

Short-term borrowings at December 31, 2021 and 2020, are summarized as follows:

	2021		2020
	(In Thousands)
Notes payable – Community Development Equity Funds	$	1,449	$	1,518
Other interest-bearing liabilities		390		—
Securities sold under reverse repurchase agreements		137,116		164,174
	$	138,955	$	165,692

The Bank enters into sales of securities under agreements to repurchase (reverse repurchase agreements). Reverse repurchase agreements are treated as financings, and the obligations to repurchase securities sold are reflected as a liability in the statements of financial condition. The dollar amount of securities underlying the agreements remains in the asset accounts. Securities underlying the agreements are being held by the Bank during the agreement period. All agreements are written on a term of one-month or less.

At December 31, 2021, other interest-bearing liabilities consisted of cash collateral held by the Company to satisfy minimum collateral posting thresholds with its derivative dealer counterparties representing the termination value of derivatives, which at such time were in a net asset position. Under the collateral agreements between the parties, either party may choose to provide cash or securities to satisfy its collateral requirements.

Short-term borrowings had weighted average interest rates of 0.02% at both December 31, 2021 and 2020, respectively. Short-term borrowings averaged approximately $145.3 million and $183.5 million for the years ended December 31, 2021 and 2020, respectively. The maximum amounts outstanding at any month end were $184.2 million and $318.7 million, respectively, during those same periods.

The following table represents the Company’s securities sold under reverse repurchase agreements, by collateral type and remaining contractual maturity at December 31, 2021 and 2020:

	2021		2020
	Overnight and		Overnight and
	Continuous		Continuous
		(In Thousands)
Mortgage-backed securities – GNMA, FNMA, FHLMC	$	137,116	$	164,174