FEDERAL HOME LOAN BANK ADVANCES

12 Months Ended

Dec. 31, 2018

10. FEDERAL HOME LOAN BANK ADVANCES

The following table summarizes information concerning FHLB advances:


	Year Ended December 31,
(Dollars in thousands)	2018			2017
Average daily balance during the year	$	324,653		$	401,258
Average interest rate during the year		1.76	%		1.52	%
Maximum month-end balance during the year	$	520,092		$	563,974
Weighted average interest rate at year-end		2.72	%		1.57	%

The following tables set forth the contractual maturities and weighted average interest rates of FHLB advances for each of the next five years. There are no FHLB advances with contractual maturities after 2019.


	December 31, 2018
(Dollars in thousands)			Weighted
Contractual Maturity	Amount		Average Rate
Overnight	$	—	—	%

2019		240,433	2.72
Total FHLB advances	$	240,433	2.72	%


	December 31, 2017
(Dollars in thousands)			Weighted
Contractual Maturity	Amount		Average Rate
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 $1.3 billion and $1.2 billion of residential and commercial mortgage loans under a blanket lien arrangement at December 31, 2018 and 2017, respectively. Based on this collateral and the Company’s holdings of FHLB stock, the Company was eligible to borrow up to a total of $1.4 billion at December 31, 2018.