Short-Term Borrowings

6 Months Ended

Jun. 30, 2023

Short-Term Borrowings

Short-Term Borrowings

NOTE 9 Short-Term Borrowings

Short-term borrowings at June 30, 2023 and December 31, 2022 consisted of the following:

	June 30,		December 31,
(dollars in thousands)	2023		2022
Fed funds purchased	$	492,060	$	153,080
FHLB short-term advances		—		225,000
Total	$	492,060	$	378,080

The following table presents information related to short-term borrowings for the three and six months ended June 30, 2023 and 2022:

	Three months ended
	June 30,
(dollars in thousands)	2023			2022
Fed funds purchased
Balance as of end of period	$	492,060		$	117,350
Average daily balance		360,033			81,506
Maximum month-end balance		492,060			117,350
Weighted-average rate
During period		5.31	%		1.18	%
End of period		5.35	%		1.44	%
FHLB short-term advances
Balance as of end of period	$	—		$	125,000
Average daily balance		—			9,615
Maximum month-end balance		—			125,000
Weighted-average rate
During period		N/A	%		1.59	%
End of period		N/A	%		1.80	%

	Six months ended
	June 30,
(dollars in thousands)	2023			2022
Fed funds purchased
Balance as of end of period	$	492,060		$	117,350
Average daily balance		325,303			40,978
Maximum month-end balance		492,060			117,350
Weighted-average rate
During period		5.10	%		1.18	%
End of period		5.35	%		1.44	%
FHLB short-term advances
Balance as of end of period	$	—		$	125,000
Average daily balance		39,779			4,834
Maximum month-end balance		225,000			125,000
Weighted-average rate
During period		4.69	%		1.59	%
End of period		N/A	%		1.80	%