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Short-term Borrowings
12 Months Ended
Dec. 31, 2022
Short-Term Debt [Abstract]  
Short-term Borrowings Short-term Borrowings
Total short-term borrowings were $102.6 million as of December 31, 2022 and consisted of FHLB overnight borrowings. There were no short-term borrowings as of December 31, 2021. 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 our 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 $2.3 billion at December 31, 2022. The Bank had short-term borrowing capacity from the FHLB up to the Bank’s unused borrowing capacity of $1.3 billion (equal to $1.6 billion of maximum borrowing capacity less letter of credit and other FHLB advances outstanding) at December 31, 2022 upon satisfaction of any stock purchase requirements of the FHLB. No draws were outstanding on short-term FHLB or correspondent bank borrowings as of December 31, 2022 or 2021.
The Bank also has unused overnight lines of credit with other correspondent banks amounting to $35.0 million at December 31, 2022. No draws have been made on these lines of credit and on December 31, 2022 and 2021, the balance was $0.
As of December 31, 2021, the Bank paid all funding obtained from the Federal Reserve through the Paycheck Protection Program Liquidity Facility.