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Short-Term Borrowings | 12 Months Ended
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Dec. 31, 2020
Short Term Borrowings [Abstract] |
Short-Term Borrowings | Note 10. Short-Term Borrowings The following table presents information concerning short-term borrowing at and for the years ended December 31, 2020 and 2019:
|  | December 31, |
(in thousands) |  | 2020 |  |  | 2019 |
Federal funds purchased: |  |  |  |  |  |  |  |  |  |
Amount outstanding at period end |  | $ |  | 300 |  |  | $ |  | 195,450 |
Average amount outstanding during period |  |  |  | 9,708 |  |  |  |  | 49,297 |
Maximum amount at any month end during period |  |  |  | 330,330 |  |  |  |  | 202,933 |
Weighted-average interest at period end |  |  |  | 0.15 | % |  |  |  | 1.60 | %
Weighted-average interest rate during period |  |  |  | 1.15 | % |  |  |  | 2.30 | %
Securities sold under agreements to repurchase: |  |  |  |  |  |  |  |  |  |
Amount outstanding at period end |  | $ |  | 567,213 |  |  | $ |  | 484,422 |
Average amount outstanding during period |  |  |  | 600,167 |  |  |  |  | 493,344 |
Maximum amount at any month end during period |  |  |  | 806,645 |  |  |  |  | 518,042 |
Weighted-average interest at period end |  |  |  | 0.14 | % |  |  |  | 0.54 | %
Weighted-average interest rate during period |  |  |  | 0.24 | % |  |  |  | 0.52 | %
FHLB borrowings: |  |  |  |  |  |  |  |  |  |
Amount outstanding at period end |  | $ |  | 1,100,000 |  |  | $ |  | 2,035,000 |
Average amount outstanding during period |  |  |  | 1,368,320 |  |  |  |  | 1,399,503 |
Maximum amount at any month end during period |  |  |  | 2,110,000 |  |  |  |  | 1,941,774 |
Weighted-average interest at period end |  |  |  | 0.49 | % |  |  |  | 1.17 | %
Weighted-average interest rate during period |  |  |  | 0.62 | % |  |  |  | 1.96 | %
Federal funds purchased represent unsecured borrowings from other banks, generally on an overnight basis. Securities sold under agreements to repurchase (“repurchase agreements”) are funds borrowed on a secured basis by selling securities under agreements to repurchase, mainly in connection with treasury-management services offered to deposit customers. The customer repurchase agreements mature daily and are secured by agency securities. As the Company maintains effective control over assets sold under agreements to repurchase, the securities continue to be presented in the consolidated balance sheets. Because the Company acts as a borrower transferring assets to the counterparty, and the agreements mature daily, the Company’s risk is limited. The $1.1 billion of FHLB borrowings at December 31, 2020 consists of five fixed rate notes maturing between 2034 and 2035, that are classified as short-term as the FHLB has the option to put (terminate) the advance prior to maturity.

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- Definition The entire disclosure for short-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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