Borrowings

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Borrowings

Borrowings

Advances payable to the FHLB amounted to $1.3 billion and $1.2 billion, respectively, at September 30, 2024 and December 31, 2023. At September 30, 2024, the Corporation had interest rate swaps with a notional amount of $120.0 million, as well as an interest rate collar with a notional amount of $50.0 million, that were designated as cash flow hedges to hedge the interest rate risk associated with short-term FHLB advances. See Note 6 for additional disclosure on derivatives.

The Bank had available borrowing capacity of $931.0 million and $1.1 billion, respectively, with the FHLB at September 30, 2024 and December 31, 2023. The Bank pledges certain qualified investment securities and loans as collateral to the FHLB.

In addition, the Bank had access to a $40.0 million unused line of credit with the FHLB at both September 30, 2024 and December 31, 2023. Furthermore, the Bank had standby letters of credit with the FHLB of $66.0 million and $65.0 million, respectively, at September 30, 2024 and December 31, 2023, to collateralize institutional deposits.

The following table presents maturities and weighted average interest rates on FHLB advances outstanding as of September 30, 2024:

(Dollars in thousands)	Scheduled Maturity	Weighted Average Rate
October 1, 2024 to December 31, 2024	$450,000	5.38	%
2025	475,000	5.06
2026	165,000	4.54
2027	45,000	4.24
2028	85,000	4.35
2029 and thereafter	80,000	3.82
Balance at September 30, 2024	$1,300,000	4.96	%