Borrowings

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Borrowings

Borrowings

Advances payable to the FHLB amounted to $1.0 billion and $980.0 million, respectively, at June 30, 2023 and December 31, 2022.

As of June 30, 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 June 30, 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 $968.0 million and $668.3 million, respectively, with the FHLB at June 30, 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 June 30, 2023:

(Dollars in thousands)	Scheduled Maturity	Weighted Average Rate
July 1, 2023 to December 31, 2023	$440,000	5.20	%
2024	220,000	4.94
2025	155,000	4.58
2026	125,000	4.43
2027	45,000	4.24
2028 and thereafter	55,000	4.17
Balance at June 30, 2023	$1,040,000	4.86	%