Federal Home Loan Bank Advances

9 Months Ended

Sep. 30, 2019

Federal Home Loan Bank Advances

Advances payable to the FHLB amounted to $956.8 million and $950.7 million, respectively, at September 30, 2019 and December 31, 2018.

As of September 30, 2019 and December 31, 2018, the Bank had access to a $40.0 million unused line of credit with the FHLB and also had remaining available borrowing capacity of $601.5 million and $628.5 million, respectively. The Bank pledges certain qualified investment securities and loans as collateral to the FHLB.

The following table presents maturities and weighted average interest rates on FHLB advances outstanding as of September 30, 2019:



(Dollars in thousands)	Scheduled Maturity		Weighted Average Rate
October 1, 2019 to December 31, 2019		$355,822	2.56	%
2020	444,533		2.34
2021	86,222		2.73
2022	55,447		3.65
2023	9,428		4.01
2024 and thereafter	5,334		5.06
Balance at September 30, 2019		$956,786	2.56	%

In October 2019, FHLB advances totaling $78.8 million were modified to lower interest rates and the maturities of these advances were extended. Original maturity dates ranging from 2021 to 2023 were modified to 2024 to 2026. The original weighted average interest rate was 3.52% and was revised to 2.76%.