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Borrowings
 9 Months Ended
Sep. 30, 2023
Disclosure Text Block [Abstract]  
Borrowings

7. BORROWINGS

 

Borrowings as of September 30, 2023, consisted of $870 million from the Federal Reserve's Bank Term Funding Program at a weighted average rate of 4.87%. These borrowings can be prepaid without penalty and mature in May and September of 2024. These borrowings replaced higher cost borrowings from the FHLB. Remaining FHLB borrowings at September 30, 2023 consisted of short-term advances of $250 million, a decrease from $800 million at June 30, 2023, with a cost of approximately 5%. These FHLB advances will mature in the fourth quarter of 2023.

 

The Bank has $4.7 billion of secured and unused capacity with the FHLB, $1.2 billion of secured unused borrowing capacity at the Fed’s discount window or Bank Term Funding Program, more than $260 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.