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Short-Term Borrowings | 6 Months Ended
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Jun. 30, 2023
Short-Term Borrowings |
Short-Term Borrowings | Note 21 — Short-Term Borrowings Securities Sold Under Agreements to Repurchase (“Repurchase agreements”) ​ Repurchase agreements represent funds received from customers, generally on an overnight or continuous basis, which are collateralized by investment securities owned or, at times, borrowed and re-hypothecated by the Company. Repurchase agreements are subject to terms and conditions of the master repurchase agreements between the Company and the client and are accounted for as secured borrowings. Repurchase agreements are included in federal funds purchased and securities sold under agreements to repurchase on the consolidated balance sheets. At June 30, 2023 and December 31, 2022, our repurchase agreements totaled $334.5 million and $342.8 million, respectively. All of our repurchase agreements were overnight or continuous (until-further-notice) agreements at June 30, 2023 and December 31, 2022. These borrowings were collateralized with government, government-sponsored enterprise, or state and political subdivision-issued securities with a market value of $420.0 million and $443.2 million at June 30, 2023 and December 31, 2022, respectively. Declines in the value of the collateral would require us to increase the amounts of securities pledged. ​ Federal Funds Purchased ​ Federal funds purchased are generally overnight daily borrowings with no defined maturity date. At June 30, 2023 and December 31, 2022, our federal funds purchased totaled $246.9 million and $213.6 million, respectively. ​ Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) Borrowing ​ The Company has from time-to-time entered into borrowing agreements with the FHLB and FRB. Borrowings under these agreements are collateralized by stock in the FHLB, qualifying first and second mortgage residential loans, investment securities, and commercial real estate loans under a blanket-floating lien. ​ As of June 30, 2023, the Company had $400.0 million in outstanding FHLB borrowings with a weighted average interest rate of 5.32%. As of December 31, 2022, there were no outstanding FHLB borrowings. Net eligible loans of the Company pledged via a blanket lien to the FHLB for advances and letters of credit at June 30, 2023, were approximately $7.8 billion in loan collateral value and investment securities and cash pledged were approximately $613.5 million in collateral value. This allows the Company a total borrowing capacity at the FHLB of approximately $7.8 billion. After accounting for letters of credit totaling $2.1 million and $400.0 million of FHLB advances, the Company had unused net credit available with the FHLB in the amount of approximately $7.4 billion at June 30, 2023. The Company also has a total borrowing capacity at the FRB of $2.4 billion at June 30, 2023 secured by a blanket lien on $2.4 billion in collateral value in net eligible loans of the Company. The Company had no outstanding borrowings with the FRB at June 30, 2023 or December 31, 2022.

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