Short-Term Borrowings

12 Months Ended

Dec. 31, 2023

Short-Term Borrowings.

Short-Term Borrowings

Note 10:      Short-Term Borrowings

Short-term borrowings at December 31, 2023 and 2022, are summarized as follows:

	2023		2022
	(In Thousands)
Notes payable – Community Development Equity Funds	$	1,610	$	1,083
Securities sold under reverse repurchase agreements		70,843		176,843
Overnight borrowings from the Federal Home Loan Bank		251,000		88,500
	$	323,453	$	266,426

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.

Short-term borrowings had weighted average interest rates of 4.76% at December 31, 2023, compared to 2.16% at December 31, 2022. Short-term borrowings averaged approximately $225.1 million and $181.1 million for the years ended December 31, 2023 and 2022, respectively. The maximum amounts outstanding at any month end were $410.6 million and $317.7 million, respectively, during those same years.

The following table represents the Company’s securities sold under reverse repurchase agreements, which contractually mature daily, at December 31, 2023 and 2022:

	2023		2022
		(In Thousands)
Mortgage-backed securities – GNMA, FNMA, FHLMC	$	70,843	$	176,843