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SHORT-TERM BORROWINGS

12 Months Ended

Dec. 31, 2021

12. SHORT-TERM BORROWINGS

Short-term borrowings, which consist of federal funds purchased and other short-term borrowings are summarized as follows:


	AT DECEMBER 31, 2021
	FEDERAL
	FUNDS			SHORT-TERM
	PURCHASED			BORROWINGS

	(IN THOUSANDS, EXCEPT RATES)
Balance	$	—		$	—
Maximum balance at any month end		—			4,077
Average balance during year		—			389
Average rate paid for the year		—	%		0.37	%
Interest rate on year-end balance		—			0.28


	AT DECEMBER 31, 2020
	FEDERAL
	FUNDS			SHORT-TERM
	PURCHASED			BORROWINGS

	(IN THOUSANDS, EXCEPT RATES)
Balance	$	—		$	24,702
Maximum balance at any month end		2,000			41,632
Average balance during year		18			4,929
Average rate paid for the year		0.87	%		0.58	%
Interest rate on year-end balance		—			0.41


	AT DECEMBER 31, 2019
	FEDERAL
	FUNDS			SHORT-TERM
	PURCHASED			BORROWINGS

	(IN THOUSANDS, EXCEPT RATES)
Balance	$	—		$	22,412
Maximum balance at any month end		—			49,615
Average balance during year		58			11,030
Average rate paid for the year		3.04	%		2.59	%
Interest rate on year-end balance		—			1.81

Average amounts outstanding during the year represent daily averages. Average interest rates represent interest expense divided by the related average balances.

These borrowing transactions have an average maturity of overnight.