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Short-Term Borrowings | 9 Months Ended
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Sep. 30, 2024
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 Securities Sold Under Agreements to Repurchase on the Consolidated Balance Sheets. At September 30, 2024, and December 31, 2023, our repurchase agreements totaled $247.9 million and $241.0 million, respectively. All of our repurchase agreements were overnight or continuous (until-further-notice) agreements at September 30, 2024, and December 31, 2023. These borrowings were collateralized with government, government-sponsored enterprise, or state and political subdivision-issued securities with a carrying value of $392.7 million and $410.4 million at September 30, 2024, and December 31, 2023, 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 September 30, 2024, and December 31, 2023, our federal funds purchased totaled $290.4 million and $248.2 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 September 30, 2024, and December 31, 2023, the Company had $300.0 million and $100.0 million, respectively, of outstanding FHLB borrowings. Net eligible loans of the Company pledged via a blanket lien to the FHLB for advances and letters of credit at September 30, 2024, were approximately $11.7 billion (collateral value of $6.3 billion) and investment securities and cash pledged were approximately $207.5 million (collateral value of $176.0 million). This allows the Company a total borrowing capacity at the FHLB of approximately $6.5 billion. After accounting for letters of credit totaling $2.9 million and short-term FHLB borrowings of $300.0 million outstanding, the Company had unused net credit available with the FHLB in the amount of approximately $6.2 billion at September 30, 2024. The Company also has a total borrowing capacity at the FRB of $1.7 billion at September 30, 2024, secured by a blanket lien on $2.6 billion (collateral value of $1.7 billion) in net eligible loans of the Company. The Company had no outstanding borrowings with the FRB at September 30, 2024, or December 31, 2023.

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