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FHLB and Other Short-Term Borrowings | 12 Months Ended
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Dec. 31, 2022
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FHLB and Other Short-Term Borrowings | NOTE 9. FHLB AND OTHER SHORT-TERM BORROWINGS Wesbanco is a member of the FHLB system. Wesbanco’s FHLB borrowings, which consist of borrowings from the FHLB of Pittsburgh are secured by a blanket lien by the FHLB on certain residential mortgages and other loan types or securities with a market value in excess of the outstanding balances of the borrowings. As of December 31, 2022 and 2021, Wesbanco had FHLB borrowings of $705.0 million and $183.9 million, respectively, with a remaining weighted-average interest rate of 4.22% and 1.28%, respectively. The terms of the security agreement with the FHLB include a specific assignment of collateral that requires the maintenance of qualifying mortgage and other types of loans as pledged collateral with unpaid principal amounts in excess of the FHLB advances, when discounted at certain pre-established percentages of the loans’ unpaid principal balances. FHLB stock owned by Wesbanco totaling $36.2 million and $15.9 million at December 31, 2022 and 2021, respectively, is also pledged as collateral on these advances. The remaining maximum borrowing capacity by Wesbanco with the FHLB at December 31, 2022 and 2021 was estimated to be approximately $3.6 billion and $3.8 billion, respectively. The following table presents the aggregate annual maturities and weighted-average interest rates of FHLB borrowings at December 31, 2022 based on their contractual maturity dates and interest rates (dollars in thousands):
Year |  | Scheduled Maturity |  |  | Weighted Average Rate |
2023 |  | $ | 705,000 |  |  |  | 4.22 | %
2024 |  |  | — |  |  |  | — |
2025 |  |  | — |  |  |  | — |
2026 |  |  | — |  |  |  | — |
2027 |  |  | — |  |  |  | — |
2028 and thereafter |  |  | — |  |  |  | — |
Total |  | $ | 705,000 |  |  |  | 4.22 | %
Other short-term borrowings of $135.1 million and $141.9 million at December 31, 2022 and 2021, respectively, consist in the aggregate of securities sold under agreements to repurchase, federal funds purchased, and outstanding borrowings on a revolving line of credit. At December 31, 2022 and 2021, securities sold under agreements to repurchase were $135.1 million and $141.9 million, respectively, with a weighted average interest rate during the year of 0.39% and 0.15%, respectively. There were no federal funds purchased outstanding at December 31, 2022 or 2021, respectively. In August 2022, Wesbanco renewed a revolving line of credit, which is a senior obligation of the parent company with another financial institution. This line of credit, which accrues interest at an adjusted SOFR rate, provides for aggregate unsecured borrowings of up to $30.0 million. There were no outstanding balances on the line of credit as of December 31, 2022 or 2021.

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- Definition Federal home loan bank advances and other borrowings. + References No definition available. + Details
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