FEDERAL HOME LOAN BANK ADVANCES

9 Months Ended

Sep. 30, 2018

FEDERAL HOME LOAN BANK ADVANCES

FEDERAL HOME LOAN BANK ADVANCES

10. FEDERAL HOME LOAN BANK ADVANCES

The following tables set forth the contractual maturities and weighted average interest rates of FHLB advances over the next two years at September 30, 2018 and December 31, 2017:

	September 30, 2018
(Dollars in thousands)			Weighted
Contractual Maturity	Amount		AverageRate
Overnight	$	—	—	%
2018		265,000	2.47	%
2019		648	0.68	%
		265,648	2.47	%
Total FHLB advances	$	265,648	2.47	%

	December 31, 2017
(Dollars in thousands)			Weighted
Contractual Maturity	Amount		AverageRate
Overnight	$	185,000	1.53	%
2018		315,083	1.59	%
2019		1,291	0.94	%
		316,374	1.59	%
Total FHLB advances	$	501,374	1.57	%

Each advance is payable at its maturity date, with a prepayment penalty for fixed rate advances. The advances were collateralized by $1.2 billion of residential and commercial mortgage loans under a blanket lien arrangement at September 30, 2018 and December 31, 2017. Based on this collateral and the Company's holdings of FHLB stock, the Company is eligible to borrow up to a total of $1.3 billion at September 30, 2018.