FEDERAL HOME LOAN BANK ADVANCES

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

FEDERAL HOME LOAN BANK ADVANCES

8. FEDERAL HOME LOAN BANK ADVANCES

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, 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	%
(Dollars in thousands)	December 31, 2015
Contractual Maturity	Amount		Weighted Average Rate
Overnight	$	—		—	%
2016		249,599		0.75	%
2017		19,149		0.74
2018		25,781		1.04
2019		2,978		1.08
		297,507		0.78	%
Total FHLB advances	$	297,507		0.78	%

Each advance is payable at its maturity date, with a prepayment penalty for fixed rate advances. The advances were collateralized by $923.9 million and $666.3 million of residential and commercial mortgage loans under a blanket lien arrangement at December 31, 2016 and 2015, respectively. Based on this collateral and the Company’s holdings of FHLB stock, the Company is eligible to borrow up to a total of $1.22 billion at December 31, 2016.