XML 32 R19.htm IDEA: XBRL DOCUMENT

Short-Term Borrowings

12 Months Ended

Dec. 31, 2022

Note 10: Short-Term Borrowings

Short-term borrowings at December 31, 2022 and 2021, are summarized as follows:


	2022		2021

	(In Thousands)

Notes payable – Community Development Equity Funds	$	1,083	$	1,449
Other interest-bearing liabilities		—		390
Securities sold under reverse repurchase agreements		176,843		137,116
Overnight borrowings from the Federal Home Loan Bank		88,500		—

	$	266,426	$	138,955

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. At December 31, 2022, the Company posted cash collateral to its derivative dealer counterparties as the derivatives were in a net liability position.

Short-term borrowings had weighted average interest rates of 2.16% at December 31, 2022, compared to 0.02% at December 31, 2021. Short-term borrowings averaged approximately $181.1 million and $145.3 million for the years ended December 31, 2022 and 2021, respectively. The maximum amounts outstanding at any month end were $317.7 million and $184.2 million, respectively, during those same periods.

The following table represents the Company’s securities sold under reverse repurchase agreements, which contractually mature daily, at December 31, 2022 and 2021:

(In Thousands)

Mortgage-backed securities – GNMA, FNMA, FHLMC