FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

6.  FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

The Company did not have any advances from the FHLB at December 31, 2021 or December 31, 2020. At December 31, 2021, unused short-term overnight borrowing commitments totaled $1.8 billion from the FHLB, $22.0 million from correspondent banks and $1.2 billion at the Federal Reserve Bank of New York.

The Company had no borrowings from the Federal Reserve’s Paycheck Protection Plan Lending Facility (the “PPPLF”) at December 31, 2021, compared to $177.1 million at December 31, 2020.  The borrowings had a rate of 0.35 percent, primarily all of which had a two-year maturity.  The Company utilized the PPPLF to fund PPP loan production.

During the quarter ended June 30, 2021, the Company terminated an interest rate swap with a notional amount of $15.0 million that was tied to a one-month FHLB advance totaling $15.0 million.  

The Company prepaid $105.0 million of FHLB advances resulting in a prepayment penalty of $4.8 million during 2020.  The repayment of the FHLB advances was expected to provide a benefit to interest expense greater than the prepayment penalty over the remaining life of the advances.