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Short-Term Borrowings | 12 Months Ended
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Dec. 31, 2022
Short Term Borrowings [Abstract] |
Short-Term Borrowings | Note 9. Short-Term Borrowings The following table presents information concerning short-term borrowings at and for the years ended December 31, 2022 and 2021:
| December 31, |
($ in thousands) | 2022 |  | 2021 |
Federal funds purchased: |  |  |  |
Amount outstanding at period end | $ | 1,850 |  | $ | 1,850 |
Average amount outstanding during period |  | 13,176 |  |  | 3,762 |
Maximum amount at any month end during period |  | 2,350 |  |  | 4,400 |
Weighted-average interest at period end |  | 3.90 | % |  | 0.15 | %
Weighted-average interest rate during period |  | 2.82 | % |  | 0.43 | %
Securities sold under agreements to repurchase: |  |  |  |
Amount outstanding at period end | $ | 444,421 |  | $ | 563,211 |
Average amount outstanding during period |  | 536,727 |  |  | 559,410 |
Maximum amount at any month end during period |  | 640,592 |  |  | 643,403 |
Weighted-average interest at period end |  | 0.53 | % |  | 0.05 | %
Weighted-average interest rate during period |  | 0.21 | % |  | 0.10 | %
FHLB borrowings: |  |  |  |
Amount outstanding at period end | $ | 1,425,000 |  | $ | 1,100,000 |
Average amount outstanding during period |  | 808,784 |  |  | 1,100,000 |
Maximum amount at any month end during period |  | 1,425,000 |  |  | 1,100,000 |
Weighted-average interest at period end |  | 4.70 | % |  | 0.49 | %
Weighted-average interest rate during period |  | 1.82 | % |  | 0.49 | %
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 $1.4 billion of FHLB borrowings at December 31, 2022 consists of one fixed rate note entered into on December 30, 2022, that matured on January 3, 2023. The $1.1 billion of FHLB borrowing at December 31, 2021 consisted of five fixed rate notes scheduled to mature between 2034 and 2035, that were classified as short-term as the FHLB had the option to put (terminate) prior to maturity. These notes were called and repaid during the second and third quarters of 2022.

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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 https://asc.fasb.org/topic&trid=2208564 + Details
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