FHLB Borrowings

9 Months Ended

Sep. 30, 2017

Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures [Abstract]

FHLB Borrowings

Note 11 – FHLB Borrowings

The Company’s FHLB borrowings and weighted average interest rates are summarized below:

	September 30, 2017				December 31, 2016
	Amount		Rate		Amount		Rate
	(dollars in thousands)
Total FHLB borrowings	$	585,124	1.61	%	$	461,280	1.55	%
By remaining period to maturity:
Less than 1 year	$	415,124	1.41	%	$	231,280	1.02	%
1  year through less than 2 years		105,000	1.69	%		130,000	1.84	%
2 years through less than 3 years		25,000	1.85	%		35,000	1.60	%
3 years through less than 4 years		40,000	3.43	%		65,000	2.82	%
4 years through 5 years		-	-			-	-
Total FHLB borrowings	$	585,124	1.61	%	$	461,280	1.55	%

The FHLB borrowings are secured by pledges of certain collateral including, but not limited to, U.S. government and agency mortgage-backed securities and a blanket assignment of qualifying first lien mortgage loans, consisting of both residential mortgages and commercial real estate loans.

Three of the FHLB notes ($2.5 million and $7.5 million each due April 2, 2018, and $5.0 million due July 16, 2018) contain a convertible option which allows the FHLB, at quarterly intervals, to convert the fixed convertible advance into replacement funding for the same or lesser principal based on any advance then offered by the FHLB at its current market rate. The Company has the option to repay these advances, if converted, without penalty. The remaining advances are payable at stated maturity, with a prepayment penalty for fixed rate advances. All FHLB advances are fixed rate. The advances at September 30, 2017 were primarily collateralized by approximately $1.4 billion of commercial mortgage loans, net of required over collateralization amounts, under a blanket lien arrangement. At September 30, 2017 the Company had remaining borrowing capacity of approximately $796 million at FHLB.