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Short-Term and Other Borrowings
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Short-Term and Other Borrowings

(8) Short-Term and Other Borrowings

Short-term and other borrowings, which consist of federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings, are summarized as follows:

 

 

 

At September 30, 2021

 

 

At December 31, 2020

 

 

 

Federal Funds

Purchased

 

 

Short-term

Borrowings

 

 

Federal Funds

Purchased

 

 

Short-term

Borrowings

 

Outstanding balance

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Interest rate on balance

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

2021

 

 

2021

 

 

2020

 

 

2020

 

 

 

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

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

50,000

 

 

$

102,700

 

Average balance

 

 

—

 

 

 

—

 

 

 

543

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

385

 

 

 

10,888

 

Average rate paid

 

 

—

 

 

 

—

 

 

 

(1.47

)%

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.35

%

 

 

1.64

%

 

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, 2021.

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, 2021 and December 31, 2020. All of the repurchase agreements are overnight agreements.

 

 

 

September 30, 2021

 

 

December 31, 2020

 

Securities pledged for repurchase agreements:

 

 

 

 

 

 

 

 

U.S. Treasury securities

 

$

7,656

 

 

$

899

 

Obligations of U.S. government agencies

 

 

15,675

 

 

 

28,015

 

Total securities pledged

 

$

23,331

 

 

$

28,914

 

Gross amount of recognized liabilities for repurchase

   agreements

 

$

23,331

 

 

$

28,914

 

Amounts related to agreements not included in offsetting

   disclosures above

 

$

—

 

 

$

—