Short-Term Borrowings

9 Months Ended

Sep. 30, 2020

8. Short-Term Borrowings

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


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

(1)	Interest is payable monthly.

As of December 31, 2019, the Company’s short-term borrowings included $400.0 million in short-term FHLB fixed-rate advances with a weighted average interest rate of 2.84%. The short-term FHLB fixed-rate advances required monthly interest-only payments with the principal amount due on the maturity date. As of September 30, 2020, the Company had no short-term borrowings as the remaining short-term FHLB fixed-rate advance (as of June 30, 2020) matured in July 2020. As of September 30, 2020 and December 31, 2019, the available remaining borrowing capacity with the FHLB was $2.0 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 September 30, 2020 and December 31, 2019. As of September 30, 2020 and December 31, 2019, the Company had an undrawn line of credit of $1.0 billion and $596.8 million from the FRB, respectively. The borrowing capacity with the FRB was secured by consumer, commercial and industrial, commercial real estate and residential mortgage loans as of September 30, 2020 and December 31, 2019. See “Note 6. Transfers of Financial Assets” for more information.