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Debt
 9 Months Ended
Sep. 30, 2022
Maturities of Long-Term Debt [Abstract]  
Debt Debt
Short-term FHLB and Correspondent Bank Borrowings
Short-term borrowings generally consist of federal funds purchased and advances from the FHLB with an original maturity of less than a year. Federal funds purchased from correspondent banks mature in one business day and reprice daily based on the Federal Funds rate. Advances from the FHLB are collateralized by the Bank’s investment in the common stock of the FHLB and by a blanket lien on selected loan receivables comprised principally of real estate secured loans within the Bank’s portfolio totaling $2.1 billion at September 30, 2022. The Bank had a short-term borrowing capacity from the FHLB as of September 30, 2022 up to the Bank’s unused borrowing capacity of $1.2 billion (equal to $1.5 billion of maximum borrowing capacity, less the aggregate amount of FHLB letter of credits securing public funds deposits, and other FHLB advances and obligations outstanding) upon satisfaction of any stock purchase requirements of the FHLB. No draws were outstanding on short-term FHLB or correspondent bank borrowings as of September 30, 2022 and December 31, 2021.
The Bank also has unused overnight lines of credit with other correspondent banks amounting to $35.0 million at September 30, 2022. No draws have been made on these lines of credit and accordingly the balance was zero on both September 30, 2022 and December 31, 2021.
Short-term PPPLF Borrowings
As of September 30, 2022 and December 31, 2021, the Bank paid all funding obtained from the Federal Reserve through the Paycheck Protection Program Liquidity Facility (“PPPLF”). The PPPLF allowed banks to pledge PPP loans as collateral to borrow funds for up to a term of five years (to match the term of the respective PPP loans) at an interest rate of 0.35%.
Long-term Debt
As of September 30, 2022, and December 31, 2021, the Bank had long-term debt outstanding in the amount of $4.5 million and $81.3 million, respectively, consisting primarily of FHLB fixed rate instruments, as well as one finance lease obligation.
As a member of the FHLB, the Bank can access a number of credit products which are utilized to provide liquidity. The FHLB fixed rate instruments obtained by the Bank are secured under the terms of a blanket collateral agreement with the FHLB consisting of FHLB stock and qualifying Bank loan receivables, principally real estate secured loans. The Bank also obtains letters of credit from the FHLB to secure certain public fund deposits of municipality and school district customers who agree to use of the FHLB letters of credit as a legally allowable alternative to investment pledging. These FHLB letter of credit commitments totaled $265.3 million as of September 30, 2022 and $450.9 million as of December 31, 2021.
The following table presents a summary of long-term debt as of September 30, 2022 and December 31, 2021.
(Dollars in thousands)September 30, 2022December 31, 2021
FHLB fixed rate instruments:
Due April 2022, 0.86343%
$— $70,000 
Due March 2023, 0.7514%
— 6,500 
Due August 2026, 4.80%
1,156 1,353 
Due February 2027, 6.71%
32 37 
Total FHLB fixed rate instruments1,188 77,890 
Lease obligations included in long-term debt3,313 3,380 
Total long-term debt$4,501 $81,270