Short-Term Borrowings

12 Months Ended

Dec. 31, 2023

Short-Term Borrowings

Short-Term Borrowings

NOTE 13 Short-Term Borrowings

Short-term borrowings at December 31, 2023, 2022, and 2021 consisted of the following:

	Year ended
	December 31,
(dollars in thousands)	2023			2022			2021
Fed funds purchased
Balance as of end of period	$	114,170		$	153,080		$	—
Average daily balance		287,768			63,296			3
Maximum month-end balance		492,060			251,880			—
Weighted-average rate
During period		5.31	%		2.46	%		—	%
End of period		5.51	%		4.26	%		—	%
FHLB short-term advances
Balance as of end of period	$	200,000		$	225,000		$	—
Average daily balance		113,973			89,932			—
Maximum month-end balance		200,000			225,000			—
Weighted-average rate
During period		5.39	%		3.10	%		—	%
End of period		5.50	%		4.31	%		—	%

The Company had outstanding credit capacity with the FHLB of $706.6 million and $531.6 million at December 31, 2023 and 2022, respectively, secured by pledged loans and investment securities. The Company also had $87.0 million of unsecured federal funds agreements with correspondent banks with no outstanding balances at December 31, 2023 and 2022. The Company has an unused $20.0 million unsecured line of credit with Bank of North Dakota.