FHLB Borrowings

3 Months Ended

Mar. 31, 2018

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:

	March 31, 2018				December 31, 2017
	Amount		Rate		Amount		Rate
	(dollars in thousands)
Total FHLB borrowings	$	695,032	2.07	%	$	670,077	1.76	%
By remaining period to maturity:
Less than 1 year	$	525,032	1.98	%	$	505,077	1.59	%
1 year through less than 2 years		50,000	1.66	%		35,000	1.60	%
2 years through less than 3 years		75,000	2.92	%		85,000	2.65	%
3 years through less than 4 years		45,000	2.15	%		45,000	2.15	%
4 years through 5 years		-	-			-	-
Total FHLB borrowings	$	695,032	2.07	%	$	670,077	1.76	%

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.

One of the FHLB notes, $5.0 million due July 16, 2018, contains 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 this advance, 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 rates. The advances at March 31, 2018 were primarily collateralized by approximately $1.5 billion of commercial mortgage loans, net of required over collateralization amounts, under a blanket lien arrangement. At March 31, 2018 the Company had remaining borrowing capacity of approximately $762 million at FHLB.