Short-Term and Other Borrowings

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Short-Term and Other Borrowings

(8) Short-Term and Other Borrowings

Short-term and other borrowings, which consist of federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings, are summarized as follows:

	At March 31, 2023					At December 31, 2022
	Federal Funds Purchased		Short-term Borrowings			Federal Funds Purchased		Short-term Borrowings
Outstanding balance	$	—	$	212,000		$	—	$	393,700
Interest rate on balance		—		4.86	%		—		4.24	%

	Three Months Ended March 31,
	2023			2023			2022		2022
	Federal Funds Purchased			Short-term Borrowings			Federal Funds Purchased		Short-term Borrowings
Maximum indebtedness	$	30,000		$	540,000		$	—	$	15,800
Average balance		333			372,226			—		358
Average rate paid		5.96	%		4.64	%		—		0.30	%

Average balance during the period represents daily averages. Average rate paid represents interest expense divided by the related average balances.

Short-term borrowings and federal funds purchased transactions can range from overnight to six months in maturity. The average maturity was one day at March 31, 2023.

Securities sold under agreements to repurchase are used to facilitate the needs of our customers as well as to facilitate our short-term funding needs. Securities sold under repurchase agreements are carried at the amount of cash received in association with the agreement. We continuously monitor the collateral levels and may be required, from time to time, to provide additional collateral based on the fair value of the underlying securities. Securities pledged as collateral under repurchase agreements are maintained with our safekeeping agents.

The following table presents detail regarding the securities pledged as collateral under repurchase agreements as of March 31, 2023 and December 31, 2022. All of the repurchase agreements are overnight agreements.

	March 31, 2023		December 31, 2022
Securities pledged for repurchase agreements:
U.S. Treasury securities	$	15,631	$	25,143
Obligations of U.S. government agencies		—		—
Total securities pledged	$	15,631	$	25,143
Gross amount of recognized liabilities for repurchase    agreements	$	15,631	$	25,143
Amounts related to agreements not included in offsetting    disclosures above	$	—	$	—