Note 11 - FHLB Advances

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

FHLB Advances

Note 11. FHLB Advances

The subsidiary banks are members of the FHLB. Maturity and interest rate information on advances from the FHLB as of December 31, 2023 and 2022 is as follows:

	December 31, 2023				December 31, 2022
			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:
2023	$	—	—	%	$	415,000	4.58	%
2024		300,000	5.64			—	—
2025		—	—			—	—
2026		45,000	5.01			—	—
2027		45,000	4.82			—	—
2028		45,000	4.64			—	—
Total FHLB advances	$	435,000	5.39	%	$	415,000	4.58	%

Advances are collateralized by loans of $2.1 billion and $1.7 billion as of December 31, 2023 and 2022, respectively, in aggregate. The FHLB applies loan-to-value discounts to the loans pledged as collateral based on the loan type. There were no securities pledged as collateral on advances as of December 31, 2023.  Advances were collateralized by securities of $290 thousand as of December 31, 2022 in aggregate. The Company continues to pledge loans under blanket liens to provide off balance sheet liquidity.

As of December 31, 2023 and 2022, the subsidiary banks held $24.5 million and $25.6 million, respectively, of FHLB stock, which is included in restricted investment securities on the consolidated balance sheets.