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FEDERAL HOME LOAN BANK ADVANCES
 6 Months Ended
Jun. 30, 2019
FEDERAL HOME LOAN BANK ADVANCES.  
FEDERAL HOME LOAN BANK ADVANCES

10. FEDERAL HOME LOAN BANK ADVANCES

The following tables present 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.

 

 

 

 

 

 

 

 

 

June 30, 2019

 

(Dollars in thousands)

 

 

 

 

Weighted

 

Contractual Maturity

    

Amount

    

Average Rate

 

Overnight

 

$

 —

 

 —

%

 

 

 

 

 

 

 

2019

 

 

240,000

 

2.46

 

Total FHLB advances

 

$

240,000

 

2.46

%

 

 

 

 

 

 

 

 

 

 

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

%

 

Each advance is payable at its maturity date, with a prepayment penalty for fixed rate advances. The advances were collateralized by $1.3 billion of residential and commercial mortgage loans under a blanket lien arrangement at June 30, 2019 and December 31, 2018, respectively. Based on this collateral and the Company's holdings of FHLB stock, the Company is eligible to borrow up to a total of $1.4 billion at June  30, 2019.