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v3.22.2.2

Short-Term and Other Borrowings | 9 Months Ended
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Sep. 30, 2022
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, 2022 |  |  | At December 31, 2021 |
|  | Federal Funds Purchased |  |  | Short-term Borrowings |  |  | Federal Funds Purchased |  |  | Short-term Borrowings |
Outstanding balance |  | $ | — |  |  | $ | 55,000 |  |  | $ | — |  |  | $ | — |
Interest rate on balance |  |  | — |  |  |  | 3.02 | % |  |  | — |  |  |  | — |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2022 |  |  | 2022 |  |  | 2021 |  |  | 2021 |  |  | 2022 |  |  | 2022 |  |  | 2021 |  |  | 2021 |
|  | 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 |  | $ | — |  |  | $ | 56,000 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 56,000 |  |  | $ | — |  |  | $ | — |
Average balance |  |  | — |  |  |  | 6,713 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,380 |  |  |  | — |  |  |  | — |
Average rate paid |  |  | — |  |  |  | 2.84 | % |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2.75 | % |  |  | — |  |  |  | — |
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, 2022. 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, 2022 and December 31, 2021. All of the repurchase agreements are overnight agreements.
|  | September 30, 2022 |  |  | December 31, 2021 |
Securities pledged for repurchase agreements: |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 20,155 |  |  | $ | 16,478 |
Obligations of U.S. government agencies |  |  | — |  |  |  | 9,017 |
Total securities pledged |  | $ | 20,155 |  |  | $ | 25,495 |
Gross amount of recognized liabilities for repurchase agreements |  | $ | 20,155 |  |  | $ | 25,495 |
Amounts related to agreements not included in offsetting disclosures above |  | $ | — |  |  | $ | — |

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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 https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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