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Short-term borrowings

12 Months Ended

Dec. 31, 2023

9. Short-term borrowings:

Short-term borrowings consisted of FHLB advances representing overnight borrowings or borrowings with original terms of less than twelve months and other borrowings related to collateral held from derivative counterparties at December 31, 2023, 2022 and 2021:


		At and for the year ended December 31, 2023
							Weighted		Weighted
					Maximum		Average		Average
	Ending		Average		Month-End		Rate for		Rate at End
(Dollars in thousands, except percents)	Balance		Balance		Balance		the Year		of the Period
Other borrowings	$	17,590	$	19,160	$	28,470	5.54	%	5.35	%
FHLB advances				19,171		158,000	4.48
Total short-term borrowings	$	17,590	$	38,331	$	186,470	5.01	%	5.35	%


	At and for the year ended December 31, 2022
							Weighted		Weighted
					Maximum		Average		Average
	Ending		Average		Month-End		Rate for		Rate at End
(Dollars in thousands, except percents)	Balance		Balance		Balance		the Year		of the Year
Other borrowings	$	14,530	$	10,033	$	16,100	2.10	%	4.33	%
FHLB advances		100,400		32,647		125,975	2.73		4.45
Total short-term borrowings	$	114,930	$	42,680	$	142,075	2.58	%	4.43	%

At and for the year ended December 31, 2021

Weighted

Maximum

Average

Ending

Average

Month-End

Rate for

Rate at End

(Dollars in thousands, except percents)

Balance

the Year

of the Year

FHLB advances

13,973

50,000

0.56

The Company has an agreement with the FHLB which allows for borrowings up to its maximum borrowing capacity based on a percentage of qualifying collateral assets. At December 31, 2023, the maximum borrowing capacity was $1.2 billion of which $25.0 million was outstanding in long-term debt and $345.4 million was used to issue standby letters of credit to collateralize public fund deposits. Advances with the FHLB are secured under terms of a blanket collateral agreement by a pledge of FHLB stock and certain other qualifying collateral, such as investments and mortgage-backed securities and mortgage loans. Interest accrues daily on the FHLB advances based on rates of the FHLB discount notes. This rate resets each day. At December 31, 2023 $1.8 billion in loans were pledged to the FHLB providing $1.2 billion in available borrowing capacity. At December 31, 2022 $1.6 billion in loans were pledged to the FHLB providing $1.2 billion in available borrowing capacity.

The Company also has unsecured line of credit agreements with two correspondent banks, where the total line amount was $18.0 million at December 31, 2023 and 2022. There were no amounts outstanding on either line of credit at December 31, 2023 or 2022. Interest on these borrowings accrues daily based on the daily federal funds rate.

In addition to borrowings from FHLB and correspondent bank lines of credit, we have availability through the Federal Reserve Bank’s Discount Window and Bank Term Funding Program (BTFP) of $257.4 million and $191.0 million at December 31, 2023, respectively. The FRB’s Borrower-in-custody program allows depository institutions to pledge loans as collateral for Discount Window advances while retaining possession of the loan documentation. The BTFP allows depository institutions to borrow up to the par value of eligible securities pledged at the FRB. The Company tested the BTFP borrowing line during 2023 as part of its contingent liquidity plan. At December 31, 2023 $365.8 million in loans were pledged as collateral for the borrower-in-custody program and provided $246.1 million in borrowing capacity. At December 31, 2023, $191.0 million in securities were pledged to the BTFP while $11 thousand was pledged to the Discount Window. At the expiration of the BTFP on March 11, 2024, the Company’s intent is to transfer the eligible securities pledged to the Federal Reserve discount window.

At December 31, 2022 $349.9 million in loans were pledged as collateral for the borrower-in-custody program and provided $232.2 million in borrowing capacity. At December 31, 2022, $24 thousand was pledged to the Discount Window.