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Borrowed Funds | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Borrowed Funds | Borrowed Funds Borrowed funds at June 30, 2024 and December 31, 2023 were as follows (in thousands):
| June 30, |  | December 31,
2024 |  | 2023
FHLB advances | $ | 789,337 |  |  | $ | 848,636 |
Securities sold under agreements to repurchase with customers | 80,000 |  |  | 73,148 |
Other borrowings | 424,490 |  |  | 196,456 |
Total borrowed funds | $ | 1,293,827 |  |  | $ | 1,118,240 |
At June 30, 2024, there were $684.8 million of short-term advances and $104.5 million outstanding in overnight borrowings from the FHLB, as compared to $848.6 million and $0 at December 31, 2023, respectively. At June 30, 2024, there were $424.5 million of other borrowings as compared to $196.5 million at December 31, 2023 due to a shift in funding sources from FHLB to other borrowings. Pledged assets The following table presents the assets pledged to secure borrowings, borrowing capacity, repurchase agreements, letters of credit, and for other purposes required by law at carrying value (in thousands):
|  | Loans |  | Debt securities |  | Total
June 30, 2024 |  |  |  |  |  |
FHLB and FRB |  | $ | 7,371,979 |  |  | $ | 1,164,150 |  |  | $ | 8,536,129 |
Repurchase agreements |  | — |  |  | 91,946 |  |  | 91,946 |
Total pledged assets |  | $ | 7,371,979 |  |  | $ | 1,256,096 |  |  | $ | 8,628,075 |
December 31, 2023 |  |  |  |  |  |
FHLB and FRB |  | $ | 7,255,671 |  |  | $ | 1,051,558 |  |  | $ | 8,307,229 |
Repurchase agreements |  | — |  |  | 103,416 |  |  | 103,416 |
Total pledged assets |  | $ | 7,255,671 |  |  | $ | 1,154,974 |  |  | $ | 8,410,645 |
The securities that collateralize the repurchase agreements are delivered to the lender, with whom each transaction is executed, to a third-party custodian, or held at the Company. The lender agrees to resell to the Company substantially the same securities at the maturity of the repurchase agreements.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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