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Borrowings

9 Months Ended

Sep. 30, 2022

Borrowings

Borrowings

11. Borrowings

​

Short-term borrowings consist of FHLB advances representing overnight borrowings or with stated original terms of less than twelve months and other borrowings related to collateral held from derivative counterparties. Total short-term borrowings at September 30, 2022 were $14.7 million as compared to no short-term borrowings at December 31, 2021. Other borrowings, which include cash collateral pledged by derivative counterparties to offset interest rate exposure, totaled $14.7 million and increased due to higher market interest rates. The table below outlines short-term borrowings at and for the nine months ended September 30, 2022 and for the year ended December 31, 2021:   

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At and for the nine months ended September 30, 2022

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Weighted

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Maximum

​

Weighted

​

Average

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​

Ending

​

Average

​

Month-End

​

Average

​

Rate at End

​

Balance

Balance

Balance

Rate

of the Period

Other borrowings

$

14,700

$

8,434

$

14,700

1.17

%

3.08

%

FHLB advances

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​

​

​

​

31,967

​

​

125,975

2.11

%

​

​

Total short-term borrowings

​

$

14,700

​

$

40,401

​

$

140,675

1.92

%

3.08

%

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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At and for the year ended December 31, 2021

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Weighted

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Weighted

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​

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​

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Maximum

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Average

​

Average

​

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Ending

​

Average

​

Month-End

​

Rate for

​

Rate at End

​

Balance

Balance

Balance

the Year

of the Year

FHLB advances

​

$

​

​

$

13,973

​

$

50,000

0.56

%

​

%

​

The Company has an agreement with the FHLB which allows for borrowings up to its maximum borrowing capacity based on a percentage of qualifying collateral assets. At September 30, 2022, the maximum borrowing capacity was $1.1 billion of which $1.1 million was outstanding in borrowings and $383.2 million was used to issue standby letters of credit to collateralize public fund deposits. At December 31, 2021, the maximum borrowing capacity was $896.1 million of which $2.7 million was outstanding in borrowings and $373.0 million was used to issue standby letters of credit to collateralize public fund deposits.

Advances with the FHLB are secured under terms of a blanket collateral agreement by a pledge of FHLB stock and certain other qualifying collateral, such as investments and mortgage-backed securities and mortgage loans. Interest accrues daily on the FHLB advances based on rates of the FHLB discount notes. The overnight borrowing rate resets each day.

Long-term debt consisting of one advance from the FHLB at September 30, 2022 and December 31, 2021 is as follows:

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​	​	​	​	​	​	​	​	​	​	​
​	​	Interest Rate	​		​	​		​	​
Due		Fixed	​	​	​	September 30, 2022	​	​	December 31, 2021
March 2023	​	4.69	​	​	$	1,104	​	​	2,711	​
​	​	​	​	​	$	1,104	​	$	2,711	​

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Maturities of long-term debt, by contractual maturity, for the remainder of 2022 and subsequent years are as follows:

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​	​	​	​	​
2022	​	$	549	​
2023	​		555	​
​	​	$	1,104	​

​

The advance from the FHLB totaling $1.1 million is not convertible.

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- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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