Borrowed Funds

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Borrowed Funds

BORROWED FUNDS

The following table summarizes the Company's borrowed funds by funding source.

Summary of Borrowed Funds

(Dollar amounts in thousands)

	As of
	September 30, 2021		December 31, 2020
Securities sold under agreements to repurchase	$	124,044	$	141,886
FHLB advances	1,150,528		1,404,528
Total borrowed funds	$	1,274,572	$	1,546,414

Securities sold under agreements to repurchase generally mature within 1 to 90 days from the transaction date, are treated as financings, and are included as a liability in the Consolidated Statements of Financial Condition. Repurchase agreements are secured by U.S. treasury and agency securities which are held in third-party pledge accounts, if required. The securities underlying the agreements remain in the respective asset accounts. As of September 30, 2021, the Company did not have amounts at risk under repurchase agreements with any individual counterparty or group of counterparties that exceeded 10% of stockholders' equity.

The Bank is a member of the FHLB and has access to term financing from the FHLB. These advances are secured by designated assets that may include qualifying commercial real estate, residential and multi-family mortgages, home equity loans, and certain municipal and mortgage-backed securities. As of September 30, 2021, FHLB advances, including certain putable advances, had fixed interest rates that range from 0.00% to 1.97% and maturity dates that range from June 12, 2024 to March 4, 2030.

The Company hedges interest rates on borrowed funds using interest rate swaps through which the Company receives variable amounts and pays fixed amounts. See Note 12 "Derivative Instruments and Hedging Activities" for a detailed discussion of interest rate swaps.

The following table presents short-term credit lines available for use, for which the Company did not have an outstanding balance as of September 30, 2021 and December 31, 2020.

Short-Term Credit Lines Available for Use

(Dollar amounts in thousands)

	As of
	September 30, 2021		December 31, 2020
FRB's Discount Window Primary Credit Program	$	857,758	$	864,867
Available federal funds lines	982,000		844,000
Correspondent bank line of credit	—		50,000

On September 27, 2016, the Company entered into a loan agreement with U.S. Bank National Association providing for a $50.0 million short-term, unsecured revolving credit facility. On September 26, 2020, the Company entered into a fourth amendment to this credit facility, which extended the maturity to September 26, 2021, at which time the facility was not renewed.

A discussion of terms relevant to senior and subordinated debt is presented in Note 13, "Senior and Subordinated Debt" to the Consolidated Financial Statements in the Company's 2020 10-K.