Borrowings

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Borrowings

Borrowings

Advances payable to the FHLB amounted to $925.0 million and $980.0 million, respectively, at March 31, 2023 and December 31, 2022.

As of March 31, 2023 and December 31, 2022, the Bank had access to a $40.0 million unused line of credit with the FHLB. Additionally, the Bank had a $215.0 million standby letter of credit with the FHLB at March 31, 2023 and December 31, 2022. This standby letter of credit was executed in 2022 to collateralize an institutional deposit. The Bank had remaining available borrowing capacity of $859.6 million and $668.3 million, respectively, with the FHLB at March 31, 2023 and December 31, 2022. The Bank pledges certain qualified investment securities and loans as collateral to the FHLB.

The following table presents maturities and weighted average interest rates on FHLB advances outstanding as of March 31, 2023:

(Dollars in thousands)	Scheduled Maturity	Weighted Average Rate
April 1, 2023 to December 31, 2023	$665,000	4.72	%
2024	40,000	4.56
2025	80,000	4.29
2026	90,000	4.31
2027	20,000	4.13
2028 and thereafter	30,000	4.12
Balance at March 31, 2023	$925,000	4.60	%