FEDERAL HOME LOAN BANK ADVANCES

9 Months Ended

Sep. 30, 2020

FEDERAL HOME LOAN BANK ADVANCES.

FEDERAL HOME LOAN BANK ADVANCES

9. 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 2020.

	September 30, 2020
(Dollars in thousands)			Weighted
Contractual Maturity	Amount		Average Rate
Overnight	$	—	—	%
2020		215,000	0.39
Total FHLB advances	$	215,000	0.39	%

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

Each advance is payable at its maturity date, with a prepayment penalty for fixed rate advances. The advances were collateralized by $1.6 billion and $1.4 billion of residential and commercial mortgage loans under a blanket lien arrangement at September 30, 2020 and December 31, 2019. Based on this collateral and the Company's holdings of FHLB stock, the Company is eligible to borrow up to a total of $1.9 billion at September 30, 2020.