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v3.22.4

Short Term Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2022
Short-Term Debt [Abstract] |
Schedule of short-term debt | Short-Term Borrowings Short-term borrowings were as follows:
December 31 (In thousands) |  | 2022 |  | 2021
Securities sold under agreements to repurchase |  | $ | 227,342 |  |  | $ | 213,786 |
FHLB advances |  | — |  |  | 25,000 |
Total short-term borrowings |  | $ | 227,342 |  |  | $ | 238,786 |
The outstanding balances for all short-term borrowings as of December 31, 2022 and 2021 and the weighted-average interest rates as of and paid during each of the years then ended were as follows:
(In thousands) |  | Repurchase agreements |  | FHLB Advances
2022 |  |  |  |
Ending balance |  | $ | 227,342 |  |  | $ | — |
Highest month-end balance |  | 227,342 |  |  | 25,000 |
Average daily balance |  | 199,813 |  |  | 7,195 |
Weighted-average interest rate: |  |  |  |
As of year-end |  | 1.39 | % |  | — | %
Paid during the year (1) |  | 0.57 | % |  | 0.04 | %
2021 |  |  |  |
Ending balance |  | $ | 213,786 |  |  | $ | 25,000 |
Highest month-end balance |  | 297,118 |  |  | 25,000 |
Average daily balance |  | 261,967 |  |  | 25,025 |
Weighted-average interest rate: |  |  |  |
As of year-end |  | 0.03 | % |  | 0.23 | %
Paid during the year (1) |  | 0.04 | % |  | 0.23 | %
(1) Interest rate swaps with notional amounts of a zero balance at December 31, 2022 (the swap was paid off during 2022) and a balance of $25.0 million at December 31, 2021 were designated as cash flow hedges of certain FHLB advances. Including interest expense related to the swaps, the weighted average interest rate paid during the year on FHLB advances was 3.62% and 2.69% for 2022 and 2021, respectively. During 2021 and 2022, outstanding FHLB advances were collateralized by investment securities owned by PNB and by various loans pledged under a blanket agreement by PNB. At December 31, 2022 and December 31, 2021, $7.2 million and $9.5 million, respectively, of investment securities were pledged as collateral for FHLB advances. At December 31, 2022 and December 31, 2021, $1,832 million and $1,749 million, respectively, of commercial real estate and residential mortgage loans were pledged under a blanket agreement to the FHLB by PNB. See Note 15 - Repurchase Agreement Borrowings for information related to investment securities collateralizing repurchase agreements.

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- Definition Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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