FHLB Borrowings

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

FHLB Borrowings

Note 8 – FHLB Borrowings

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

	December 31, 2021						December 31, 2020
	Amount			Rate			Amount			Rate
	(dollars in thousands)
By remaining period to maturity:
Less than 1 year	$	390,549			0.56	%	$	297,570			0.84
1 year through less than 2 years		50,000			1.84	%		75,644			1.42
2 years through less than 3 years		-			n/a			50,000			1.84
3 years through less than 4 years		25,000			1.00			-			n/a
4 years through 5 years		2,050			2.23			-			n/a
After 5 Years		714			2.91	%		2,824			2.42
FHLB borrowings - gross		468,313			0.73	%		426,038			1.07	%
Fair value (discount) premium		(120	)					(84	)
Total FHLB borrowings	$	468,193					$	425,954

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.

Advances are payable at stated maturity, with a prepayment penalty for fixed rate advances. All FHLB advances have fixed rates. The advances as of December 31, 2021 were primarily collateralized by approximately $1.9 billion of commercial mortgage and residential loans, net of required over collateralization amounts, under a blanket lien arrangement. As of December 31, 2021, the Company had remaining borrowing capacity of approximately $867.3 million at the FHLB.