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Other Borrowings | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
Other Borrowings | Note 12—Other Borrowings The following is a summary of the Company’s other borrowings as of September 30, 2021 and December 31, 2020:
|  | September 30, |  |  | December 31, |
|  | 2021 |  |  | 2020 |
Paycheck Protection Program Liquidity Facility |  | $ | 156,404 |  |  | $ | 371,907 |
Federal Home Loan Bank advances |  |  | 355,000 |  |  |  | 234,000 |
Securities sold under agreements to repurchase |  |  | 27,715 |  |  |  | 41,994 |
Line of credit |  |  | — |  |  |  | — |
Total |  | $ | 539,119 |  |  | $ | 647,901 |
On April 21, 2020, the Bank entered into a Letter Agreement with the Federal Reserve Bank of Chicago that allows the Bank to access the Paycheck Protection Program Liquidity Facility (the “PPPLF”). Under the terms of the PPPLF, the Bank pledges loans originated under the PPP to the Federal Reserve Bank of Chicago as collateral for available advances under the PPPLF. Advances under the PPPLF are in an amount equal to the aggregate principal amount of PPP loans pledged by Byline Bank, carry an interest rate of 35 basis points and mature on the maturity date of the PPP loans pledged as collateral for the advance. As of September 30, 2021, the PPPLF balance was $156.4 million with an interest rate of 0.35% with various maturity dates from April 2022 to February 2026. Byline Bank has the capacity to borrow funds from the discount window of the Federal Reserve System. As of September 30, 2021 and December 31, 2020, there were no outstanding advances under the Federal Reserve Bank discount window line. At September 30, 2021, fixed-rate Federal Home Loan Bank (“FHLB”) advances totaled $355.0 million, with interest rates ranging from 0.00% to 0.22% and maturities ranging from November 2021 to May 2022. Advances from the FHLB are collateralized by residential real estate loans, commercial real estate loans, and securities. The Bank’s maximum borrowing capacity is limited to 35% of total assets. Required investment in FHLB stock is $4.50 for every $100 in advances. Securities sold under agreements to repurchase represent a demand deposit product offered to customers that sweep balances in excess of the FDIC insurance limit into overnight repurchase agreements. The Company pledges securities as collateral for the repurchase agreements. Refer to Note 3—Securities for additional discussion. On October 13, 2016, the Company entered into a $30.0 million revolving credit agreement with a correspondent bank. Through subsequent amendments, the revolving credit agreement was reduced to $15.0 million and the maturity of the credit facility was extended to October 9, 2020. The amended revolving line of credit bears interest at either the London Interbank Offered Rate (“LIBOR”) plus 195 basis points or the Prime Rate minus 75 basis points, not to be less than 2.00%, based on the Company’s election, which is required to be communicated at least three business days prior to the commencement of an interest period. If the Company fails to provide timely notification, the interest rate will be Prime Rate minus 75 basis points. At September 30, 2021 and December 31, 2020, the line of credit had no outstanding balance. On October 8, 2021, the Company extended the maturity of the credit facility to October 7, 2022. The following table presents short-term credit lines available for use as of September 30, 2021 and December 31, 2020:
|  | September 30, |  |  | December 31, |
|  | 2021 |  |  | 2020 |
Federal Home Loan Bank line |  | $ | 1,910,295 |  |  | $ | 2,016,212 |
Federal Reserve Bank of Chicago discount window line |  |  | 622,306 |  |  |  | 874,677 |
Available federal funds lines |  |  | 115,000 |  |  |  | 115,000 |
The Company hedges interest rates on borrowed funds using interest rate swaps through which the Company receives variable amounts and pays fixed amounts. Refer to Note 16—Derivative Instruments and Hedging Activities for additional discussion.

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- Definition The entire disclosure for other liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.20,24) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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