Short-Term Borrowings

3 Months Ended

Mar. 31, 2023

Short-Term Borrowings

Short-Term Borrowings

8. Short-Term Borrowings

At March 31, 2023 and December 31, 2022, short-term borrowings were comprised of the following:

(dollars in thousands)	March 31, 2023		December 31, 2022
Federal funds purchased	$	—	$	75,000
Short-term FHLB repo advance		250,000		—
Total short-term borrowings	$	250,000	$	75,000

As of March 31, 2023, the Company’s short-term borrowings consisted of a $250.0 million short-term FHLB repo advance with a 5.00% annual interest rate that matured in April 2023. As of December 31, 2022, the Company’s short-term borrowings consisted of $75.0 million in federal funds purchased with a 4.35% annual interest rate that matured in January 2023. As of March 31, 2023 and December 31, 2022, the Company had a remaining line of credit of $1.7 billion and $2.5 billion available from the FHLB, respectively. The FHLB repo advance and remaining borrowing capacity were secured by residential real estate loan collateral as of March 31, 2023 and December 31, 2022. As of both March 31, 2023 and December 31, 2022, the Company had an undrawn line of credit of $1.2 billion available from the FRB. The borrowing capacity with the FRB was secured by consumer, commercial and industrial, commercial real estate and residential real estate loans as of March 31, 2023 and December 31, 2022. See “Note 6. Transfers of Financial Assets” for more information.

	Three Months Ended March 31,
(dollars in thousands)	2023			2022
Federal funds purchased:
Weighted-average interest rate at March 31,		—	%		—	%
Highest month-end balance	$	150,000		$	—
Average outstanding balance	$	67,056		$	—
Weighted-average interest rate paid		4.43	%		—	%
Short-term FHLB repo advance:
Weighted-average interest rate at March 31,		5.00	%		—	%
Highest month-end balance	$	250,000		$	—
Average outstanding balance	$	52,778		$	—
Weighted-average interest rate paid		5.02	%		—	%