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v3.23.2

Borrowings | 6 Months Ended
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Jun. 30, 2023
Disclosure Text Block [Abstract] |
Borrowings | 7. BORROWINGS Borrowings as of June 30, 2023, consisted of $695 million from the Federal Reserve's Bank Term Funding Program that were borrowed during the second quarter of 2023 at a rate of 4.7%. These borrowings can be prepaid without penalty and mature in May, 2024. These borrowings replaced higher cost borrowings from the FHLB. FHLB borrowings consist of short-term advances that declined from $1.4 billion at March 31, 2023 to $800 million with a cost of approximately 5% at June 30, 2023. These FHLB advances will mature over the next two quarters, with the final maturity at the end of November. The Bank has $4.1 billion of secured and unused capacity with the FHLB, $1.3 billion of secured unused borrowing capacity at the Fed’s discount window or Bank Term Funding Program, more than $550 million of unpledged AFS securities that could be pledged at the discount window or the Fed’s Bank Term Funding Program and $300 million of unsecured lines of credit.

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