Note 10 - FHLB Borrowings

9 Months Ended

Sep. 30, 2023

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, 2023						December 31, 2022
	Amount			Rate			Amount			Rate
	(dollars in thousands)
By remaining period to maturity:
Less than 1 year	$	835,000			5.60	%	$	830,000			4.42	%
1 year through less than 2 years		25,000			1.00			-			-
2 years through less than 3 years		2,050			2.23			25,000			1.00
3 years through less than 4 years		-			-			2,050			2.23
4 years through 5 years		25,301			4.16			326			2.85
After 5 years		302			2.96			326			2.96
FHLB borrowings - gross		887,653			5.42	%		857,702			4.32	%
Fair value discount		(63	)					(80	)
Total FHLB borrowings	$	887,590					$	857,622

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, 2023 were primarily collateralized by approximately $2.8 billion of commercial mortgage loans and securities, net of required over collateralization amounts, under a blanket lien arrangement. As of September 30, 2023 the Company had remaining borrowing capacity of approximately $1.4 billion at FHLB.