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Short-Term Borrowings | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Short-Term Borrowings | Short-Term Borrowings (In Thousands) Short-term borrowings as of December 31 are summarized as follows:
| 2023 |  | 2022
Securities sold under agreements to repurchase | $ | 7,577 |  |  | $ | 12,232 |
Federal Home Loan Bank short-term advances | 300,000 |  |  | 700,000 |
Total short-term borrowings | $ | 307,577 |  |  | $ | 712,232 |
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 purchased, of which there were none outstanding at December 31, 2023 and 2022, 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. Short-term borrowings from the FHLB (i.e. advances with original maturities of less than one year) are used to meet day to day liquidity needs. The Company had availability on unused lines of credit with the FHLB of $2,922,315 at December 31, 2023. 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
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Federal Home Loan Bank short-term advances | $ | 453,630 |  |  | $ | 175,370 |  |  | $ | — |  |  | 4.11 | % |  | 2.52 | % |  | — | %
Federal funds purchased | 25 |  |  | 97 |  |  | 747 |  |  | 6.34 |  |  | 3.97 |  |  | 0.33 |
Securities sold under agreements to repurchase | 8,037 |  |  | 12,217 |  |  | 12,662 |  |  | 0.98 |  |  | 0.36 |  |  | 0.29 |
Total short-term borrowings | $ | 461,692 |  |  | $ | 187,684 |  |  | $ | 13,409 |  |  | 4.05 | % |  | 2.38 | % |  | 0.29 | %
The Company maintains lines of credit with correspondent banks totaling $180,000 at December 31, 2023. 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, 2023 or 2022.

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