Borrowings

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Borrowings

Borrowings

The following is a summary of borrowings by type. Short-term borrowings consist of overnight borrowings and term borrowings with an original maturity of one year or less.

	At June 30, 2021				At December 31, 2020
(Dollars in thousands)	Balance at End of Period		Weighted Average Interest Rate at End of Period		Balance at End of Period		Weighted Average Interest Rate at End of Period
Short-term borrowings:
Customer repurchase agreements	$	25,251	0.05	%	$	17,906	0.05	%
Long-term debt:
FHLB advances	$	95,000	1.34	%	$	110,000	1.42	%
Subordinated notes	$	98,719	5.31	%	$	183,515	4.96	%

The Corporation, through the Bank, has a credit facility with the Federal Home Loan Bank (the FHLB) with a maximum borrowing capacity of approximately $2.3 billion. All borrowings and letters of credit from the FHLB are secured by qualifying commercial real estate and residential mortgage loans, investments and other assets. At June 30, 2021 and December 31, 2020, the Bank had outstanding short-term letters of credit with the FHLB totaling $529.1 million and $669.7 million, respectively, which were utilized to collateralize public funds deposits and other secured deposits. The maximum borrowing capacity with the FHLB changes as a function of the Bank’s qualifying collateral assets as well as the FHLB’s internal credit rating of the Bank. The available borrowing capacity from the FHLB totaled $1.7 billion at June 30, 2021.    

The Corporation, through the Bank, holds collateral at the Federal Reserve Bank of Philadelphia to provide access to the Discount Window Lending program. The collateral, consisting of investment securities, was valued at $34.1 million and $40.7 million at June 30, 2021 and December 31, 2020, respectively. At June 30, 2021 and December 31, 2020, the Corporation had no outstanding borrowings under the Discount Window Lending program.

The Corporation has a $10.0 million committed line of credit with a correspondent bank. At June 30, 2021 and December 31, 2020, the Corporation had no outstanding borrowings under this line.

The Corporation and the Bank have $2.4 billion and $2.2 billion of committed borrowing capacity at June 30, 2021 and December 31, 2020, respectively, of which $1.7 billion and $1.5 billion was available as of June 30, 2021 and December 31, 2020, respectively. The Corporation, through the Bank, also maintained uncommitted funding sources from correspondent banks of $460.0 million at June 30, 2021 and December 31, 2020, which were fully available. Future availability under these lines is subject to the prerogatives of the granting banks and may be withdrawn at will.

Long-term advances with the FHLB mature as follows:

(Dollars in thousands)	As of June 30, 2021		Weighted Average Rate
Remainder of 2021	$	—	—	%
2022	—		—
2023	35,000		1.94
2024	60,000		0.98
2025	—		—
Thereafter	—		—
Total	$	95,000	1.34	%