SHORT-TERM BORROWINGS

12 Months Ended

Dec. 31, 2021

11. SHORT-TERM BORROWINGS

The bank is a member of the FHLB and maintained a $1.83 billion line of credit, of which $1.80 billion remained available as of December 31, 2021. At December 31, 2021, there were no short-term borrowings under this arrangement. At December 31, 2020, short-term borrowings under this arrangement totaled $22.0 million.

The FHLB provides standby letters of credit on behalf of the bank to secure certain public deposits. If the FHLB is required to make a payment on a standby letter of credit, the payment amount is converted to an advance at the FHLB. The standby letters of credit issued on our behalf by the FHLB totaled $32.2 million and $268.0 million at December 31, 2021 and 2020, respectively.

At December 31, 2021 and 2020, our bank had additional unused borrowings available at the Federal Reserve discount window of $55.4 million and $64.5 million, respectively. As of December 31, 2021 and 2020, certain commercial real estate and commercial loans with a carrying value totaling $131.0 million and $136.9 million, respectively, were pledged as collateral on our line of credit with the Federal Reserve discount window. The Federal Reserve does not have the right to sell or repledge these loans.

Interest expense on short-term borrowings totaled $2 thousand, $0.7 million and $4.3 million in 2021, 2020 and 2019, respectively.

A summary of our short-term borrowings as of December 31, 2021, 2020 and 2019 is as follows:


	Year Ended December 31,
(Dollars in thousands)	2021			2020			2019
Amount outstanding at December 31	$	—		$	22,000		$	150,000
Average amount outstanding during year	607			89,904			185,909
Highest month-end balance during year	6,500			222,000			334,500
Weighted-average interest rate on balances outstanding at December 31	—		%	0.29		%	1.81		%
Weighted-average interest rate during year	0.30		%	0.80		%	2.31		%