FEDERAL HOME LOAN BANK ADVANCES

12 Months Ended

Dec. 31, 2017

FEDERAL HOME LOAN BANK ADVANCES

FEDERAL HOME LOAN BANK ADVANCES

10. FEDERAL HOME LOAN BANK ADVANCES

The following table summarizes information concerning FHLB advances:

	Year Ended December 31,
(Dollars in thousands)	2017			2016
Average daily balance during the year	$	401,258		$	275,592
Average interest rate during the year		1.52	%		1.09	%
Maximum month-end balance during the year	$	563,974		$	496,684
Weighted average interest rate at year-end		1.57	%		0.80	%

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.

(Dollars in thousands)	December 31, 2017
Contractual Maturity	Amount		Weighted 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	%

(Dollars in thousands)	December 31, 2016
Contractual Maturity	Amount		Weighted Average Rate
Overnight	$	175,000		0.74	%
2017		294,113		0.82
2018		25,431		1.05
2019		2,140		1.04
		321,684		0.84
Total FHLB advances	$	496,684		0.80	%

Each advance is payable at its maturity date, with a prepayment penalty for fixed rate advances. The advances were collateralized by $1.2 billion and $923.9 million of residential and commercial mortgage loans under a blanket lien arrangement at December 31, 2017 and 2016, respectively. Based on this collateral and the Company’s holdings of FHLB stock, the Company is eligible to borrow up to a total of $1.3 billion at December 31, 2017.