Note 10 - FHLB Borrowings

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Federal Home Loan Bank, Advances [Text Block]

Note 10. FHLB Borrowings

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

	September 30, 2022						December 31, 2021
	Amount			Rate			Amount			Rate
	(dollars in thousands)
By remaining period to maturity:
Less than 1 year	$	802,329			2.99	%	$	390,549			0.56	%
1 year through less than 2 years		-			n/a			50,000			1.84	%
2 years through less than 3 years		25,000			1.00	%		-			n/a
3 years through less than 4 years		2,050			2.23	%		25,000			1.00	%
4 years through 5 years		-			n/a			2,050			2.23	%
After 5 years		667			2.91	%		714			2.91	%
FHLB borrowings - gross		830,046			2.93	%		468,313			0.73	%
Fair value discount		(93	)					(120	)
Total FHLB borrowings	$	829,953					$	468,193

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 bear fixed rates. The advances as of September 30, 2022 were primarily collateralized by approximately $1.9 billion of commercial mortgage loans, net of required over collateralization amounts, under a blanket lien arrangement. As of September 30, 2022 the Company had remaining borrowing capacity of approximately $0.6 billion at FHLB.