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Short-Term Borrowings | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Short-Term Borrowings | Short-Term Borrowings (In Thousands) Short-term borrowings as of December 31 are summarized as follows:
| 2022 |  | 2021
Securities sold under agreements to repurchase | $ | 12,232 |  |  | $ | 13,947 |
Federal Home Loan Bank short-term advances | 700,000 |  |  | — |
Total short-term borrowings | $ | 712,232 |  |  | $ | 13,947 |
Securities sold under agreements to repurchase (“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. The securities used as collateral consist primarily of U.S. Government agency mortgage backed securities, U.S. Government agency collateralized mortgage obligations, obligations of U.S. Government agencies, and obligations of states and political subdivisions. All securities are maintained by the Company’s safekeeping agents. These securities are reviewed by the Company on a daily basis, and the Company may be required to provide additional collateral due to changes in the fair market value of these securities. The terms of the Company’s repurchase agreements are continuous but may be canceled at any time by the Company or the customer. Federal funds, of which there were none at December 31, 2022 and 2021, are short term borrowings, generally overnight borrowings, between financial institutions that are generally used to maintain reserve requirements at the Federal Reserve Bank or elsewhere. FHLB short-term advances are borrowings with original maturities of less than one year. In connection with the prepayment of $430,000 in short-term advances from the FHLB during 2020, the Company incurred penalty charges of $121 which is included in the line item “Debt prepayment penalty” in the Consolidated Statements of Income. The Company did not prepay any outstanding short-term advances from the FHLB in 2022 and 2021. The Company had availability on unused lines of credit with the FHLB of $3,651,678 at December 31, 2022. The average balances and cost of funds of short-term borrowings for the years ending December 31 are summarized as follows:
| Average Balances |  | Cost of Funds
| 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Federal Home Loan Bank short-term advances | $ | 175,370 |  |  | $ | — |  |  | $ | 345,601 |  |  | 2.52 | % |  | — | % |  | 1.09 | %
Federal funds purchased | 97 |  |  | 747 |  |  | 363 |  |  | 3.97 |  |  | 0.33 |  |  | — |
Securities sold under agreements to repurchase | 12,217 |  |  | 12,662 |  |  | 10,889 |  |  | 0.36 |  |  | 0.29 |  |  | 0.30 |
Total short-term borrowings | $ | 187,684 |  |  | $ | 13,409 |  |  | $ | 356,853 |  |  | 2.38 | % |  | 0.29 | % |  | 1.07 | %
The Company maintains lines of credit with correspondent banks totaling $180,000 at December 31, 2022. Interest is charged at the market federal funds rate on all advances. There were no amounts outstanding under these lines of credit at December 31, 2022 or 2021.

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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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