Borrowings

12 Months Ended

Dec. 31, 2020

Federal Home Loan Bank Advances

Advances payable to FHLB amounted to $593.9 million and $1.1 billion, respectively, at December 31, 2020 and 2019. The Bank pledges certain qualified investment securities and loans as collateral to the FHLB.

As of December 31, 2020 and 2019, the Bank had access to a $40.0 million unused line of credit with the FHLB and also had remaining available borrowing capacity of $969.7 million and $535.0 million, respectively.

The following table presents maturities and weighted average interest rates on FHLB advances outstanding as of December 31, 2020:


(Dollars in thousands)	Scheduled Maturity	Weighted Average Rate
2021	$517,222	0.71	%
2022	813	5.12
2023	856	5.12
2024	35,900	2.52
2025	2,751	5.03
2026 and thereafter	36,317	3.13
Total	$593,859	1.00	%

Advances payable to FHLB include short-term advances with original maturity due dates of one year or less. The following table presents certain information concerning short-term FHLB advances:


(Dollars in thousands)
As of and for the years ended December 31,	2020		2019		2018
Average amount outstanding during the period	$690,366		$718,722		$484,090
Amount outstanding at end of period	354,000		897,000		630,000
Highest month end balance during period	985,500		897,000		630,000
Weighted-average interest rate at end of period	0.39	%	2.06	%	2.67	%
Weighted-average interest rate during the period	1.39		2.59		2.23

Junior Subordinated Debentures

Junior subordinated debentures amounted to $22.7 million at December 31, 2020 and 2019.

The Bancorp sponsored the creation of WT Capital Trust I (“Trust I”) and WT Capital Trust II (“Trust II”), Delaware statutory trusts created for the sole purpose of issuing trust preferred securities and investing the proceeds in junior subordinated debentures of the Bancorp. The Bancorp is the owner of all of the common securities of the trusts. In accordance with GAAP, the trusts are treated as unconsolidated subsidiaries.

The $8.3 million of junior subordinated debentures associated with Trust I bear interest at a rate equal to the three-month LIBOR rate plus 1.45% and mature on September 15, 2035. The $14.4 million of junior subordinated debentures associated with Trust II bear interest at a rate equal to the three-month LIBOR rate plus 1.45% and mature on November 23, 2035. The debentures may be redeemed at par at the Bancorp’s option, subject to the approval of the applicable banking regulator to the extent required under applicable guidelines or policies.

See Note 13 for additional discussion of the regulatory capital treatment of trust preferred securities.