Short-Term Borrowings

9 Months Ended

Sep. 30, 2023

Short-Term Borrowings

Short-Term Borrowings

NOTE 9 Short-Term Borrowings

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

	September 30,		December 31,
(dollars in thousands)	2023		2022
Fed funds purchased	$	315,470	$	153,080
FHLB short-term advances		200,000		225,000
Total	$	515,470	$	378,080

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

	Three months ended
	September 30,
(dollars in thousands)	2023			2022
Fed funds purchased
Balance as of end of period	$	315,470		$	53,830
Average daily balance		312,121			84,149
Maximum month-end balance		315,470			78,015
Weighted-average rate
During period		5.50	%		3.71	%
End of period		5.53	%		3.25	%
FHLB short-term advances
Balance as of end of period	$	200,000		$	200,000
Average daily balance		173,913			168,750
Maximum month-end balance		200,000			200,000
Weighted-average rate
During period		5.46	%		1.71	%
End of period		5.50	%		3.20	%

	Nine months ended
	September 30,
(dollars in thousands)	2023			2022
Fed funds purchased
Balance as of end of period	$	315,470		$	53,830
Average daily balance		320,861			55,527
Maximum month-end balance		492,060			117,350
Weighted-average rate
During period		5.23	%		2.47	%
End of period		5.53	%		3.25	%
FHLB short-term advances
Balance as of end of period	$	200,000		$	200,000
Average daily balance		84,982			60,073
Maximum month-end balance		225,000			200,000
Weighted-average rate
During period		5.22	%		1.71	%
End of period		5.50	%		3.20	%