Long-Term Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | 10. OTHER BORROWING ARRANGEMENTS At year end, short-term borrowings consisted of the following (dollars in thousands):
Included in short term borrowings was $94.0 million outstanding in fixed-rate overnight FHLB advances at December 31, 2022 and no balance outstanding at December 31, 2021. Each FHLB advance is payable at its maturity date, with a prepayment penalty for fixed rate advances. The advances were collateralized by $1.3 billion of first mortgage loans under a blanket lien arrangement at year end 2022. Based on this collateral and the Company’s holdings of FHLB stock, the Company was eligible to borrow up to the total of $922.1 million at year-end 2022, with a remaining borrowing capacity of $661.0 million if sufficient additional collateral was pledged. The Company had no borrowings at December 31, 2022 and 2021 from the FRB. The Company was eligible to borrow up to $42.3 million from FRB at year end 2022, which was collateralized by $52.1 million in first mortgage loans under a blanket lien arrangement. The Company had unsecured lines of credit with its correspondent banks which, in the aggregate, amounted to $362.0 million and $305.0 million at December 31, 2022 and 2021, respectively, at fixed interest rates which vary with market conditions. Included in short term borrowings above there was $125.0 million outstanding overnight under these lines of credit at December 31, 2022 and no balance outstanding at December 31, 2021. 11. LONG-TERM DEBT At year-end, long-term debt was as follows (dollars in thousands):
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