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Short-Term and Other Borrowings

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Short-Term and Other Borrowings

(8) Short-Term and Other Borrowings

Short-term borrowings, which consist of federal funds purchased and other short-term borrowings, are included in Short-term Federal Home Loan Bank advances on the Consolidated Balance Sheets and are summarized as follows:

		At September 30, 2020								At December 31, 2019
		Federal Funds Purchased				Short-term Borrowings				Federal Funds Purchased				Short-term Borrowings
Outstanding balance		$	—			$	—			$	—			$	101,500
Interest rate on balance			—				—				—				1.63	%

		Three Months Ended September 30,																Nine Months Ended September 30,
		2020				2020				2019				2019				2020				2020				2019				2019
		Federal Funds Purchased				Short-term Borrowings				Federal Funds Purchased				Short-term Borrowings				Federal Funds Purchased				Short-term Borrowings				Federal Funds Purchased				Short-term Borrowings
Maximum    indebtedness		$	35,000			$	—			$	—			$	167,500			$	50,000			$	102,700			$	—			$	192,700
Average balance			543				—				—				146,977				385				10,888				—				117,229
Average rate paid			(1.47	)%			—				—				2.34	%			0.35	%			1.64	%			—				2.44	%

Average balance during the period represents daily averages. Average rate paid represents interest expense divided by the related average balances.

These borrowing transactions can range from overnight to six months in maturity. The average maturity was one day at September 30, 2020.

Other borrowings consist of the Paycheck Protection Program Lending Facility (“PPPLF”).  The PPPLF makes funds available to lenders who qualify as “eligible borrowers” and is intended to facilitate lending, to small businesses under the PPP of the CARES Act.  Under the PPPLF, the Federal Reserve Banks will lend to eligible borrowers on a non-recourse basis, taking PPP loans as collateral.  During the second quarter of 2020, the Company borrowed $183,695 under the PPPLF.  The maturity date of the PPPLF borrowing will equal the maturity date of the PPP loans pledged to secure the borrowing.  The rate paid on the borrowing is at 0.35%.

Securities sold under agreements to repurchase are used to facilitate the needs of our customers as well as to facilitate our short-term funding needs. Securities sold under repurchase agreements are carried at the amount of cash received in association with the agreement. We continuously monitor the collateral levels and may be required, from time to time, to provide additional collateral based on the fair value of the underlying securities. Securities pledged as collateral under repurchase agreements are maintained with our safekeeping agents.

The following table presents detail regarding the securities pledged as collateral under repurchase agreements as of September 30, 2020 and December 31, 2019. All of the repurchase agreements are overnight agreements.

		September 30, 2020				December 31, 2019
Securities pledged for repurchase agreements:
U.S. Treasury securities		$	910			$	810
Obligations of U.S. government agencies			24,903				17,864
Total securities pledged		$	25,813			$	18,674
Gross amount of recognized liabilities for repurchase    agreements		$	25,813			$	18,674
Amounts related to agreements not included in offsetting    disclosures above		$	—			$	—

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- References

No definition available.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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