Federal Home Loan Bank Advances (Notes)

12 Months Ended

Dec. 31, 2022

Advance from Federal Home Loan Bank [Abstract]

Federal Home Loan Bank Advances, Disclosure [Text Block]

Federal Home Loan Bank Advances and Other Borrowings

The Company had fixed-rate FHLB advances totaling $155,000 and $125,000 as of December 31, 2022 and December 31, 2021, respectively. These advances have maturities of one month and are part of a rolling funding program associated with long-term interest rate swaps related to the interest cash flows of the rolling advances. The weighted average contractual rates on these advances were 4.47 percent and 0.32 percent as of December 31, 2022 and December 31, 2021, respectively. The weighted average effective rate for these advances, which includes adjustments for the interest rate swaps, were 2.32 percent and 2.09 percent as of December 31, 2022 and December 31, 2021, respectively. See Note 11 for additional information on interest rate swaps hedging FHLB advances.

The Company had overnight and other short-term FHLB advances totaling $200,000 as of December 31, 2022, which are included in federal funds purchased and other short-term borrowings.

The FHLB advances are collateralized by FHLB stock and real estate loans, as required by the FHLB’s collateral policy. West Bank had additional borrowing capacity of approximately $372,000 at the FHLB as of December 31, 2022.

As of December 31, 2022, West Bank had arrangements that would allow it to borrow $67,000 in unsecured federal funds lines of credit at correspondent banks that are available under the correspondent banks’ normal terms. The lines have no stated expiration dates. As of December 31, 2022, there were no amounts outstanding under these arrangements. At December 31, 2022, West Bank also had approximately $3,830 of securities pledged for available borrowings at the Federal Reserve Bank discount window. There were no balances outstanding at the Federal Reserve Bank discount window at December 31, 2022.