Note 10 - FHLB Advances

12 Months Ended

Dec. 31, 2019

Note 10. FHLB Advances

The subsidiary banks are members of the FHLB of Des Moines. Maturity and interest rate information on advances from the FHLB as of December 31, 2019 and 2018 is as follows:


	December 31, 2019				December 31, 2018
			Weighted				Weighted
			Average				Average
			Interest Rate				Interest Rate
	Amount Due		at Year-End		Amount Due		at Year-End
	(dollars in thousands)
Maturity:
Year ending December 31:
2019	$	—	—	%	$	239,958	2.60	%
2020		110,900	1.73			11,484	1.74
2021		5,000	1.55			15,050	2.32
2022		23,400	1.73			—	—
2023		20,000	1.84			—	—
Total FHLB advances	$	159,300	1.74	%	$	266,492	2.55	%

The Company prepaid FHLB advances in 2019 using excess funds generated by strong deposit growth. The loss on the prepayment of the FHLB advances totaled $386 thousand.

Advances are collateralized by loans of $1.1 billion and $1.3 billion as of December 31, 2019 and 2018, respectively, in aggregate. On pledged loans, the FHLB applies varying collateral maintenance levels from 125% to 333% based on the loan type. Advances are also collateralized by securities of $1.4 million and $26.9 million as of December 31, 2019 and 2018, respectively, in aggregate. The Company continues to pledge loans under blanket liens to provide off balance sheet liquidity.

As of December 31, 2019 and included within the 2020 maturity grouping above are $109.3 million of short-term advances from the FHLB. These advances have maturities ranging from 1 day to 1 month. Short-term and overnight advances totaled $190.2 million as of December 31, 2018 and had maturities ranging from 1 day to 1 month.

As of December 31, 2019 and 2018, the subsidiary banks held $11.7 million and $15.7 million, respectively, of FHLB stock, which is included in restricted investment securities on the consolidated balance sheet.