Federal Home Loan Bank Advances and Other Borrowings

12 Months Ended

Dec. 31, 2023

Advance from Federal Home Loan Bank [Abstract]

Federal Home Loan Bank Advances and Other Borrowings

Note 12 – Federal Home Loan Bank Advances and Other Borrowings

As of December 31, 2023, the Company has a line of credit with the FHLB that provides for advances totaling up to 30% of the Company’s assets, equating to a credit line of $6.08 billion, of which $4.40 billion was remaining available for borrowing based on collateral pledged by qualifying real estate loans with an aggregate carrying value of $7.41 billion.

At December 31, 2023, the Company had $600.0 million in term FHLB advances, compared to $1.00 billion in term advances at December 31, 2022. The term advances have a weighted average interest rate of 3.17% and 3.19% as of December 31, 2023 and 2022, respectively.

At December 31, 2023, the Bank had unsecured lines of credit with seven correspondent banks for a total amount of $390.0 million and access through the Federal Reserve Bank’s discount window to borrow $2.93 billion secured by investment securities and a $953.5 million line with the FRB’s Bank Term Funding Program. At December 31, 2023 and 2022, the Company had no outstanding balances against these lines.

The Company maintains additional sources of liquidity at the Corporation level. The Corporation maintains a line of credit with U.S. Bank with availability of $25.0 million that will expire on September 25, 2024. At December 31, 2023 and 2022, the Corporation had no outstanding balances against this line.