Note 11 - FHLB Borrowings

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Federal Home Loan Bank, Advances [Text Block]

Note 11. FHLB Borrowings

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

	March 31, 2024						December 31, 2023
	Amount			Rate			Amount			Rate
	(dollars in thousands)
By remaining period to maturity:
Less than 1 year	$	725,000			5.48	%	$	881,000			5.57	%
1 year through less than 2 years		75,000			3.30			25,000			1.00
2 years through less than 3 years		52,050			4.15			2,050			2.23
3 years through less than 4 years		285			2.85			293			2.85
4 years through 5 years		25,000			4.18			25,000			4.18
After 5 years		286			2.96			294			2.96
FHLB borrowings - gross		877,621			5.18	%		933,637			5.41	%
Fair value discount		(53	)					(58	)
Total FHLB borrowings	$	877,568					$	933,579

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 March 31, 2024 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 March 31, 2024 the Company had remaining borrowing capacity of approximately $1.4 billion at FHLB.