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Short-Term Borrowings | 9 Months Ended
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Sep. 30, 2024
Short-Term Borrowings |
Short-Term Borrowings | 8. Short-Term Borrowings ​ At September 30, 2024 and December 31, 2023, short-term borrowings were comprised of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | September 30, 2024 |  | December 31, 2023
Short-term FHLB fixed-rate advances(1) | ​ | $ | 250,000 | ​ | $ | 500,000
Total short-term borrowings | ​ | $ | 250,000 | ​ | $ | 500,000
(1) | Interest is payable monthly.
​ As of September 30, 2024, the Company’s short-term borrowings consisted of a $250.0 million short-term FHLB fixed-rate advance with a weighted average interest rate of 4.16% maturing in September 2025. The FHLB fixed-rate advance requires monthly interest-only payments with the principal amount due on the maturity date. ​ As of December 31, 2023, the Company’s short-term borrowings consisted of $500.0 million in short-term FHLB fixed-rate advances with a weighted average interest rate of 4.71% that matured in September 2024. The FHLB fixed-rate advances required monthly interest-only payments with the principal amount due on the maturity date. ​ As of September 30, 2024 and December 31, 2023, the Company had a remaining line of credit of $2.9 billion and $2.5 billion, respectively, available from the FHLB. The FHLB borrowing capacity was secured by commercial real estate and residential real estate loan collateral as of both September 30, 2024 and December 31, 2023. As of September 30, 2024 and December 31, 2023, the Company had an undrawn line of credit of $3.1 billion and $3.3 billion, respectively, available from the FRB. The borrowing capacity with the FRB was secured by consumer, commercial and industrial, commercial real estate, residential real estate loans and pledged securities as of both September 30, 2024 and December 31, 2023. See “Note 6. Transfers of Financial Assets” for more information. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30,
(dollars in thousands) |  | 2024 | ​ | 2023 | ​
Federal funds purchased: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average interest rate at September 30, | ​ | ​ | — | % | ​ | — | %
Highest month-end balance | ​ | $ | — | ​ | $ | 150,000 | ​
Average outstanding balance | ​ | $ | — | ​ | $ | 23,059 | ​
Weighted-average interest rate paid | ​ | ​ | — | % | ​ | 4.45 | %
Short-term FHLB repo advance: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average interest rate at September 30, | ​ | ​ | — | % | ​ | — | %
Highest month-end balance | ​ | $ | — | ​ | $ | 400,000 | ​
Average outstanding balance | ​ | $ | — | ​ | $ | 156,319 | ​
Weighted-average interest rate paid | ​ | ​ | — | % | ​ | 5.25 | %
Short-term FHLB fixed-rate advances: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average interest rate at September 30, | ​ | ​ | 4.16 | % | ​ | 4.71 | %
Highest month-end balance | ​ | $ | 500,000 | ​ | $ | 500,000 | ​
Average outstanding balance | ​ | $ | 483,577 | ​ | $ | 20,147 | ​
Weighted-average interest rate paid | ​ | ​ | 4.78 | % | ​ | 4.34 | %
​

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