| Short-Term Borrowings and Long-Term Debt |
Short-Term Borrowings and Long-Term Debt The table below presents a summary of the Company’s short-term borrowings, all of which mature within one year: | | | | | | | | | | | | | | | | | | | | | | (dollars in thousands) | | Federal Funds Purchased | | Customer Repurchase Agreements | | FHLB Borrowings | | December 31, 2023 | | | | | | | | Amount outstanding at year-end | | $ | — | | | $ | — | | | $ | 1,500,000 | | | Interest rate at year-end | | — | % | | — | % | | 5.64 | % | | Average balance outstanding during the year | | $ | — | | | $ | 25 | | | $ | 1,323,014 | | | Weighted-average interest rate during the year | | — | % | | 0.39 | % | | 5.34 | % | | Maximum month-end outstanding during the year | | $ | — | | | $ | — | | | $ | 2,100,000 | | | December 31, 2022 | | | | | | | | Amount outstanding at year-end | | $ | — | | | $ | 1,142 | | | $ | 1,200,000 | | | Interest rate at year-end | | — | % | | 0.25 | % | | 4.25 | % | | Average balance outstanding during the year | | $ | 30,741 | | | $ | 1,928 | | | $ | 1,797,082 | | | Weighted-average interest rate during the year | | 1.17 | % | | 0.28 | % | | 1.60 | % | | Maximum month-end outstanding during the year | | $ | 525,000 | | | $ | 2,320 | | | $ | 2,650,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The following table summarizes the Company’s short-term borrowing capacities net of balances outstanding: | | | | | | | | | | | | | | | | | (in thousands) | December 31, 2023 | | December 31, 2022 | | | | | | | | | | FHLB borrowing capacity relating to loans and pledged securities | $ | 2,602,092 | | | $ | 2,621,218 | | | | | FHLB borrowing capacity relating to unencumbered securities | 3,737,615 | | | 3,539,297 | | | | | Total FHLB borrowing capacity(1) | $ | 6,339,707 | | | $ | 6,160,515 | | | | | Unused federal funds lines available from commercial banks | $ | 1,188,000 | | | $ | 1,479,000 | | | | | Unused Federal Reserve borrowings capacity | $ | 4,094,801 | | | $ | 3,574,762 | | | | | Unused revolving line of credit(2) | $ | 100,000 | | | $ | 75,000 | | | |
(1)FHLB borrowings are collateralized by a blanket floating lien on certain real estate secured loans, mortgage finance assets and certain pledged securities. (2)Unsecured revolving, non-amortizing line of credit with maturity date of February 8, 2025. Proceeds may be used for general corporate purposes, including funding regulatory capital infusions into the Bank. The loan agreement contains customary financial covenants and restrictions. No borrowings were made against this line of credit during the twelve months ended December 31, 2023 or 2022. The line of credit was reduced to $75.0 million in the first quarter of 2024. The table below presents a summary of long-term debt: | | | | | | | | | | | | | | | | | | | (in thousands) | | December 31, 2023 | | December 31, 2022 | | | | | | | Bank-issued floating rate senior unsecured credit-linked notes due 2024 | | $ | 199,499 | | | $ | 272,492 | | Bank-issued 5.25% fixed rate subordinated notes due 2026 | | 174,457 | | | 174,196 | | Company-issued 4.00% fixed rate subordinated notes due 2031 | | 371,785 | | | 371,348 | | | Trust preferred floating rate subordinated debentures due 2032 to 2036 | | 113,406 | | | 113,406 | | | Total long-term debt | | $ | 859,147 | | | $ | 931,442 | |
In the second quarter of 2023, the Company partially paid down $75.0 million of the senior unsecured credit-linked notes in accordance with the term of the notes. The following table summarizes the significant terms of the Company’s trust preferred subordinated debentures: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (dollars in thousands) | Texas Capital
Statutory Trust I | | Texas Capital
Statutory Trust II | | Texas Capital
Statutory Trust III | | Texas Capital
Statutory Trust IV | | Texas Capital
Statutory Trust V | | Date issued | November 19, 2002 | | April 10, 2003 | | October 6, 2005 | | April 28, 2006 | | September 29, 2006 | | Trust preferred securities issued | $10,310 | | $10,310 | | $25,774 | | $25,774 | | $41,238 | | Floating or fixed rate securities | Floating | | Floating | | Floating | | Floating | | Floating | | Interest rate on subordinated debentures | 3 month SOFR + 3.61% | | 3 month SOFR + 3.51% | | 3 month SOFR + 1.77% | | 3 month SOFR + 1.86% | | 3 month SOFR + 1.97% | | Maturity date | November 2032 | | April 2033 | | December 2035 | | June 2036 | | December 2036 |
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