Short-Term Borrowings

3 Months Ended

Mar. 31, 2024

Short-Term Borrowings

Short-Term Borrowings

8. Short-Term Borrowings

At March 31, 2024 and December 31, 2023, short-term borrowings were comprised of the following:

(dollars in thousands)	March 31, 2024		December 31, 2023
Short-term FHLB fixed-rate advances(1)	$	500,000	$	500,000
Total short-term borrowings	$	500,000	$	500,000

(1) Interest is payable monthly.

As of March 31, 2024 and 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 March 31, 2024 and December 31, 2023, the Company had a remaining line of credit of $2.9 billion and $2.5 billion, respectively, available from the FHLB. The FHLB borrowing capacity was secured by commercial real estate and residential real estate loan collateral as of both March 31, 2024 and December 31, 2023. As of March 31, 2024 and December 31, 2023, the Company had an undrawn line of credit of $3.2 billion and $3.3 billion, respectively, 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 both March 31, 2024 and December 31, 2023. See “Note 6. Transfers of Financial Assets” for more information.

	Three Months Ended March 31,
(dollars in thousands)	2024			2023
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	%
Short-term FHLB fixed-rate advances:
Weighted-average interest rate at March 31,		4.71	%		—	%
Highest month-end balance	$	500,000		$	—
Average outstanding balance	$	500,000		$	—
Weighted-average interest rate paid		4.79	%		—	%