Short-Term Borrowings

12 Months Ended

Dec. 31, 2023

Short-Term Borrowings

Short-Term Borrowings

10. Short-Term Borrowings

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

	December 31,
(dollars in thousands)	2023		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 December 31, 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. During 2021, the Company incurred fees of $9.0 million related to the early termination of FHLB fixed-rate advances.

As of both December 31, 2023 and 2022, the Company had a remaining line of credit of $2.5 billion available from the FHLB. The FHLB borrowing capacity was secured by residential real estate loan and commercial real estate loan collateral as of December 31, 2023 and residential real estate loan collateral as of December 31, 2022. As of December 31, 2023 and 2022, the Company had an undrawn line of credit of $3.3 billion and $1.2 billion available from the FRB, respectively. 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 December 31, 2023 and consumer, commercial and industrial, commercial real estate and residential real estate loans as of December 31, 2022. See “Note 8. Transfers of Financial Assets” for more information.

The table below provides selected information for short-term borrowings during the years ended December 31, 2023, 2022 and 2021:

	Year Ended December 31,
(dollars in thousands)	2023			2022			2021
Federal funds purchased:
Weighted-average interest rate at December 31,		—	%		4.35	%		—	%
Highest month-end balance	$	150,000		$	75,000		$	—
Average outstanding balance	$	17,247		$	11,521		$	—
Weighted-average interest rate paid		4.45	%		4.08	%		—	%
Short-term FHLB repo advance:
Weighted-average interest rate at December 31,		—	%		—	%		—	%
Highest month-end balance	$	400,000		$	—		$	—
Average outstanding balance	$	116,918		$	—		$	—
Weighted-average interest rate paid		5.25	%		—	%		—	%
Short-term FHLB fixed-rate advances:
Weighted-average interest rate at December 31,		4.71	%		—	%		—	%
Highest month-end balance	$	500,000		$	—		$	—
Average outstanding balance	$	144,932		$	—		$	—
Weighted-average interest rate paid		4.75	%		—	%		—	%

The Company treats securities sold under agreements to repurchase as collateralized financings. The Company reflects the obligations to repurchase the same or similar securities sold as liabilities, with the dollar amount of securities underlying the agreements remaining in the asset accounts. Generally, for these types of agreements, there is a requirement that collateral be maintained with a market value equal to or in excess of the principal amount borrowed. As such, the collateral pledged may be increased or decreased over time to meet contractual obligations. The securities underlying the agreements to repurchase are held in collateral accounts with a third-party custodian. The Company did not enter into any repurchase agreements in 2023 and 2022.