NOTE 9.          FEDERAL FUNDS PURCHASED

At December 31, 2022, the Company had $1.36 billion (excludes the Company’s federal funds purchases reported in the next paragraph) in federal funds purchased from its correspondent banks that are clients of its correspondent banking unit, compared to $1.71 billion at December 31, 2021. Rates paid on these funds were between 4.40% and 4.50% as of December 31, 2022 and 0.15% and 0.25% as of December 31, 2021.

At December 31, 2022, the Company had available lines of credit totaling approximately $963.0 million with various financial institutions for borrowing on a short-term basis, compared to $986.0 million at December 31, 2021. At December 31, 2022, the Company had $265.0 million outstanding borrowings from these lines, compared to no outstanding borrowings from these lines at December 31, 2021.