FEDERAL HOME LOAN BANK ADVANCES

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

FEDERAL HOME LOAN BANK ADVANCES

10. FEDERAL HOME LOAN BANK ADVANCES

The following tables set forth the contractual maturities and weighted average interest rates of FHLB advances over the next two years at March 31, 2018 and December 31, 2017:

	March 31, 2018
(Dollars in thousands)	Amount		Weighted Average Rate
Contractual Maturity
Overnight	$	227,000		2.00	%
2018		292,014		2.03	%
2019		1,078		0.88	%
		293,092		2.02	%
Total FHLB advances	$	520,092		2.01	%

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

Each advance is payable at its maturity date, with a prepayment penalty for fixed rate advances. The advances were collateralized by $1.3 billion and $1.2 billion of residential and commercial mortgage loans under a blanket lien arrangement at March 31, 2018 and December 31, 2017, 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 March 31, 2018.