Borrowings

9 Months Ended

Sep. 30, 2023

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 September 30, 2023				At December 31, 2022
(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:
FHLB borrowings	$	—	—	%	$	125,000	4.45	%
Federal funds purchased	—		—		60,000		4.63
Customer repurchase agreements	14,676		0.05		12,141		0.05
Long-term debt:
FHLB advances	$	320,000	3.71	%	$	95,000	1.34	%
Subordinated notes	148,636		6.08		148,260		6.09

The Corporation, through the Bank, has a credit facility with the Federal Home Loan Bank (the FHLB) with a maximum borrowing capacity of approximately $3.1 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 September 30, 2023 and December 31, 2022, the Bank had outstanding short-term letters of credit with the FHLB totaling $1.3 billion and $690.5 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 $1.5 billion at September 30, 2023.    

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 $127.9 million and $98.1 million at September 30, 2023 and December 31, 2022, respectively. At September 30, 2023 and December 31, 2022, 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 September 30, 2023 and December 31, 2022, the Corporation had no outstanding borrowings under this line.

The Corporation and the Bank had $3.3 billion and $3.0 billion of committed borrowing capacity at September 30, 2023 and December 31, 2022, respectively, of which $1.7 billion and $2.1 billion was available as of September 30, 2023 and December 31, 2022, respectively. The Corporation, through the Bank, also maintained unused uncommitted funding sources from correspondent banks of $369.0 million at September 30, 2023 and $410.0 million at December 31, 2022, of which $369.0 million and $350.0 million were unused as of September 30, 2023 and December 31, 2022, respectively. 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 of Pittsburgh mature as follows:

(Dollars in thousands)	As of September 30, 2023		Weighted Average Rate
Remainder of 2023	$	10,000	3.02	%
2024	85,000		2.10
2025	75,000		4.46
2026	100,000		4.29
2027	25,000		3.99
Thereafter	25,000		4.61
Total	$	320,000	3.71	%