Federal Home Loan Bank and Federal Reserve Bank Borrowings

12 Months Ended

Dec. 31, 2021

Federal Home Loan Bank and Federal Reserve Bank Borrowings [Abstract]

Federal Home Loan Bank and Federal Reserve Bank Borrowings [Text Block]

FHLB and FRB Borrowings

FHLB

The Company has entered into borrowing arrangements with the FHLB to borrow funds under a short-term floating rate fed funds overnight advance program and fixed-term loan agreements. All borrowings are secured by stock of the FHLB and a blanket pledge of qualifying loans receivable. The Company had aggregate borrowing capacity with the FHLB of $2.18 billion and $2.09 billion for the years ended December 31, 2021 and 2020, respectively, of which the Company had borrowed $7.0 million as of both December 31, 2021 and 2020. See Note 5, “Loans,” for the carrying value of pledged loans.

At December 31, 2021, FHLB advances were scheduled to mature as follows:

	Federal Home Loan Bank Advances Fixed rate advances
	Weighted Average Rate		Amount
	(dollars in thousands)
Within 1 year	3.85	%	$	2,000
Due after 10 years	5.37	%	5,000
Total			7,000
Valuation adjustment from acquisition accounting			359
Total			$	7,359

The maximum, average outstanding and year end balances and average interest rates on advances from the FHLB were as follows for the years ended December 31, 2021, 2020 and 2019:

	Years ended December 31,
	2021			2020			2019
	(dollars in thousands)
Balance at end of period	$	7,359		$	7,414		$	953,469
Average balance during period	$	7,388		$	341,643		$	469,983
Maximum month end balance during period	$	7,409		$	1,005,464		$	953,469
Weighted average rate during period	4.94		%	1.82		%	2.42		%
Weighted average rate at December 31	4.94		%	4.94		%	1.84		%

FRB

The Company pledges securities and loans for borrowing capacity at the FRB and had a borrowing capacity with the FRB of $226.0 million and $234.4 million for the years ended December 31, 2021 and 2020, respectively. See Note 4, “Securities,” for the carrying value of pledged investment securities and Note 5, “Loans,” for the carrying value of pledged loans. In 2020, the Company was also eligible to borrow under the PPPLF utilizing PPP loans as collateral; however this facility terminated on July 30, 2021. The Company had no borrowings as of December 31, 2021 and only test overnight borrowings during the year resulting in no average borrowings for 2021. While the Company also had no borrowings as of December 31, 2020, there were overnight borrowings, in addition to short-term test borrowings under the PPPLF at a rate of 0.35%, resulting in average borrowings of $1.1 million and $99 thousand for 2020 and 2019, respectively