SHORT-TERM BORROWINGS

12 Months Ended

Dec. 31, 2022

10. SHORT-TERM BORROWINGS

The bank is a member of the FHLB and maintained a $2.23 billion line of credit, of which $2.19 billion remained available as of December 31, 2022. At December 31, 2022, there were $5.0 million in short-term borrowings outstanding under this arrangement. At December 31, 2021, there were no short-term borrowings outstanding under this arrangement.

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 $36.0 million and $32.2 million as of December 31, 2022 and 2021, respectively.

The bank had additional unused borrowings available at the Federal Reserve discount window of $75.9 million and $55.4 million as of December 31, 2022 and 2021, respectively. Certain commercial real estate and commercial loans with carrying values totaling $125.0 million and $131.0 million were pledged as collateral on our line of credit with the Federal Reserve discount window as of December 31, 2022 and 2021, respectively. The Federal Reserve does not have the right to sell or repledge these loans.

Interest expense on short-term borrowings totaled $1.1 million, $2 thousand and $0.7 million in 2022, 2021 and 2020, respectively.

A summary of the bank's short-term borrowings as of December 31, 2022, 2021 and 2020 is as follows:


	Year Ended December 31,
(Dollars in thousands)	2022			2021			2020
Amount outstanding at December 31	$	5,000		$	—		$	22,000
Average amount outstanding during year	37,210			607			89,904
Highest month-end balance during year	140,000			6,500			222,000
Weighted-average interest rate on balances outstanding at December 31	4.60		%	—		%	0.29		%
Weighted-average interest rate during year	2.84		%	0.30		%	0.80		%