FEDERAL HOME LOAN BANK ADVANCES

12 Months Ended

Dec. 31, 2019

FEDERAL HOME LOAN BANK ADVANCES.

FEDERAL HOME LOAN BANK ADVANCES

11. FEDERAL HOME LOAN BANK ADVANCES

The following table summarizes information concerning FHLB advances:

	Year Ended December 31,
(Dollars in thousands)	2019			2018
Average daily balance during the year	$	245,283		$	324,653
Average interest rate during the year		1.86	%		1.76	%
Maximum month-end balance during the year	$	435,000		$	520,092
Weighted average interest rate at year-end		1.82	%		2.72	%

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 2020.

	December 31, 2019
(Dollars in thousands)			Weighted
Contractual Maturity	Amount		AverageRate
Overnight	$	195,000	1.81	%
2020		240,000	1.84
Total FHLB advances	$	435,000	1.82	%

	December 31, 2018
(Dollars in thousands)			Weighted
Contractual Maturity	Amount		AverageRate
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 $1.4 billion and $1.3 billion of residential and commercial mortgage loans under a blanket lien arrangement at December 31, 2019 and 2018, respectively. Based on this collateral and the Company’s holdings of FHLB stock, the Company was eligible to borrow up to a total of $1.5 billion at December 31, 2019.