US banks offload FHLB advances after record glut in Q1

First Citizens leads shift, Regions bucks trend

Advances extended by the Federal Home Loan Banks (FHLBs) dipped in the second quarter for the first time in two years, a sign US lenders reduced their reliance on the facility as deposit outflows following March’s banking crisis subsided.

Member banks borrowed $882 billion in the second quarter, a decline of 15.6% on the previous three months when advances hit an all-time high of just over $1 trillion. The latest figures represent the sharpest decline than any other quarter bar Q2 2020, when

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