Short-Term Borrowings

6 Months Ended

Jun. 30, 2020

8. Short-Term Borrowings

At June 30, 2020 and December 31, 2019, short-term borrowings were comprised of the following:


(dollars in thousands)	June 30, 2020		December 31, 2019
Short-term FHLB fixed-rate advances⁽¹⁾	$	200,000	$	400,000
Total short-term borrowings	$	200,000	$	400,000

(1)	Interest is payable monthly.

As of June 30, 2020 and December 31, 2019, the Company’s short-term borrowings included $200.0 million and $400.0 million, respectively, in short-term FHLB fixed-rate advances with a weighted average interest rate of 2.88% and 2.84%, respectively. The short-term FHLB fixed-rate advances require monthly interest-only payments with the principal amount due on the maturity date. The remaining short-term FHLB fixed-rate advance (as of June 30, 2020) matured in July 2020. As of June 30, 2020 and December 31, 2019, the available remaining borrowing capacity with the FHLB was $1.9 billion and $1.7 billion, respectively. The FHLB fixed-rate advances and remaining borrowing capacity were secured by residential real estate loan collateral as of June 30, 2020 and December 31, 2019. As of June 30, 2020 and December 31, 2019, the Company had an undrawn line of credit of $982.0 million and $596.8 million from the FRB, respectively. The borrowing capacity with the FRB was secured by consumer, commercial and industrial and commercial real estate loans as of June 30, 2020 and December 31, 2019. See “Note 6. Transfers of Financial Assets” for more information.