Short-Term Borrowings

9 Months Ended

Sep. 30, 2023

Short-Term Borrowings

Short-Term Borrowings

8. Short-Term Borrowings

At September 30, 2023 and December 31, 2022, short-term borrowings were comprised of the following:

(dollars in thousands)	September 30, 2023		December 31, 2022
Federal funds purchased	$	—	$	75,000
Short-term FHLB fixed-rate advances(1)		500,000		—
Total short-term borrowings	$	500,000	$	75,000

(1) Interest is payable monthly.

As of September 30, 2023, the Company’s short-term borrowings consisted of $500.0 million in short-term FHLB fixed-rate advances with a weighted average interest rate of 4.71% and maturity dates in September 2024. The FHLB fixed-rate advances require monthly interest-only payments with the principal amount due on the maturity date. 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 September 30, 2023 and December 31, 2022, the Company had a remaining line of credit of $2.8 billion and $2.5 billion available from the FHLB, respectively. The FHLB borrowing capacity was secured by commercial real estate and residential real estate loan collateral as of September 30, 2023 and residential real estate loan collateral as of December 31, 2022. As of September 30, 2023 and December 31, 2022, respectively, the Company had an undrawn line of credit of $3.8 billion and $1.2 billion available from the FRB. The borrowing capacity with the FRB was secured by consumer, commercial and industrial, commercial real estate, residential real estate loans and pledged securities as of September 30, 2023 and consumer, commercial and industrial, commercial real estate and residential real estate loans as of December 31, 2022. See “Note 6. Transfers of Financial Assets” for more information.

	Nine Months Ended September 30,
(dollars in thousands)	2023			2022
Federal funds purchased:
Weighted-average interest rate at September 30,		—	%		—	%
Highest month-end balance	$	150,000		$	—
Average outstanding balance	$	23,059		$	55
Weighted-average interest rate paid		4.45	%		1.67	%
Short-term FHLB repo advance:
Weighted-average interest rate at September 30,		—	%		—	%
Highest month-end balance	$	400,000		$	—
Average outstanding balance	$	156,319		$	—
Weighted-average interest rate paid		5.25	%		—	%
Short-term FHLB fixed-rate advances:
Weighted-average interest rate at September 30,		4.71	%		—	%
Highest month-end balance	$	500,000		$	—
Average outstanding balance	$	20,147		$	—
Weighted-average interest rate paid		4.34	%		—	%