FEDERAL HOME LOAN BANK ADVANCES

3 Months Ended

Mar. 31, 2021

FEDERAL HOME LOAN BANK ADVANCES

FEDERAL HOME LOAN BANK ADVANCES

13.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 2022.

	March 31, 2021
(Dollars in thousands)			Weighted
Contractual Maturity	Amount		Average Rate
Overnight	$	175,000	0.32	%
2021		308,865	0.35
2022		50,000	0.37
Total FHLB advances	$	533,865	0.34	%

	December 31, 2020
(Dollars in thousands)			Weighted
Contractual Maturity	Amount		Average Rate
Overnight	$	—	—	%
2021		1,144,010	0.52
2022		60,000	0.60
Total FHLB advances	$	1,204,010	0.53	%

Each FHLB advance is payable at its maturity date, with a prepayment penalty for fixed rate advances. The advances were collateralized by $3.8 billion and $2.2 billion of residential and commercial mortgage loans under a blanket lien arrangement at March 31, 2021 and December 31, 2020, respectively. Based on this collateral and the Company's holdings of FHLB stock, the Company is eligible to borrow up to a total of $3.9 billion at March 31, 2021.

As part of the Merger, $216.3 million of FHLB advances were acquired on the Merger Date. During the three-month period ended March 31, 2021, the Company extinguished $130.2 million of FHLBNY advances that had a weighted average rate of 1.91%. The prepayment penalty expense was recognized as a $1.6 million loss on extinguishment of debt in the first quarter of 2021. There were no prepayments of FHLBNY advances during the three months ended March 31, 2020.