Other Borrowings

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Other Borrowings

11. OTHER BORROWINGS

The following table summarizes the Company’s borrowings as of December 31, 2021 and 2020: 

	December 31,
	2021		2020
	(in millions)
Short-Term:
Federal funds purchased	$	675.0	$	—
FHLB advances	—		5.0
Customer repurchase agreements	16.6		16.0
Secured borrowings	35.3		—
Total short-term borrowings	$	726.9	$	21.0
Long-Term:
AmeriHome senior notes, net of fair value adjustment	$	317.9	$	—
Credit linked notes, net of debt issuance costs	457.1		—
Total long-term borrowings	$	775.0	$	—
Total other borrowings	$	1,501.9	$	21.0

Short-Term Borrowings

Federal Funds Lines of Credit

The Company maintains federal fund lines of credit totaling $2.8 billion as of December 31, 2021, which have rates comparable to the federal funds effective rate plus 0.10% to 0.20%. As of December 31, 2021, outstanding balances on the Company's federal fund lines of credit totaled $675.0 million. As of December 31, 2020, there were no outstanding balances on the Company's federal fund lines of credit.

FHLB Advances

The Company also maintains secured lines of credit with the FHLB and the FRB. The Company’s borrowing capacity is determined based on collateral pledged, generally consisting of investment securities and loans, at the time of the borrowing. The Company has a PPP lending facility with the FRB that allows the Company to pledge loans originated under the PPP in return for dollar for dollar funding from the FRB, which would provide up to $416.0 million in additional credit. The amount of available credit under the PPP lending facility will decline each period as these loans are paid down. At December 31, 2021, the Company had no amounts outstanding under its line of credit or its PPP lending facility with the FRB and had no borrowings under its lines of credit with the FHLB. As of December 31, 2021 and 2020, the Company had additional available credit with the FHLB of approximately $7.8 billion and $4.0 billion, respectively, and with the FRB of approximately $3.4 billion and $2.7 billion, respectively.

Repurchase Agreements

Other short-term borrowing sources available to the Company include customer repurchase agreements, which totaled $16.6 million and $16.0 million as of December 31, 2021 and 2020, respectively. The weighted average rate on customer repurchase agreements was 0.15% as of December 31, 2021 and 2020.

Secured Borrowings

Transfers of loans HFS not qualifying for sales accounting treatment, resulted in recognition of secured borrowings of $35.3 million at December 31, 2021.

Warehouse Borrowings

The Company assumed warehouse borrowing lines of credit as part of the AmeriHome acquisition, which are used to finance the acquisition of loans through the use of repurchase agreements. Repurchase agreements operate as financings under which the Company transfers loans to secure these borrowings. The borrowing amounts are based on the attributes of the collateralized loans and are defined in the repurchase agreement of each warehouse lender. The Company retains beneficial ownership of the transferred loans and will receive the loans from the lender upon full repayment of the borrowing. The repurchase agreements may require the Company to transfer additional assets to the lender in the event the estimated fair value of the existing transferred loans declines.

As of December 31, 2021, the Company had access to approximately $1.0 billion in uncommitted warehouse funding, of which no amounts were drawn.