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Federal Home Loan Bank Advances | 12 Months Ended
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Dec. 31, 2022
Advance from Federal Home Loan Bank [Abstract] |
Federal Home Loan Bank Advances | Federal Home Loan Bank Advances A summary of the outstanding FHLB advances at December 31, 2022 and 2021, is as follows:
(In thousands) |  | 2022 |  | 2021
0.00% advance due May 2022 |  | $ | — |  |  | $ | 75,000 |
4.31% advance due January 2023 |  | 290,000 |  |  | — |
0.00% advance due April 2024 |  | 442 |  |  | 442 |
2.98% advance due August 2024 |  | 25,000 |  |  | 25,000 |
0.00% advance due April 2026 |  | 629 |  |  | 629 |
2.05% variable-rate advance due January 2028 |  | — |  |  | 100,000 |
2.18% advance due February 2029 |  | — |  |  | 440,000 |
1.36% advance due December 2029 |  | — |  |  | 100,000 |
1.11% advance due February 2030 |  | — |  |  | 500,000 |
1.76% advance due August 2032 |  | 250,000 |  |  | — |
1.93% advance due August 2032 |  | 250,000 |  |  | — |
2.81% advance due September 2032 |  | 500,000 |  |  | — |
3.08% advance due September 2032 |  | 500,000 |  |  | — |
2.96% advance due December 2032 |  | 250,000 |  |  | — |
2.98% advance due December 2032 |  | 250,000 |  |  | — |
Total FHLB advances |  | $ | 2,316,071 |  |  | $ | 1,241,071 |
FHLB advances consist of obligations of the banks and are collateralized by qualifying commercial and residential real estate and home equity loans and certain securities. The banks have arrangements with the FHLB whereby, based on available collateral, they could have borrowed an additional $2.1 billion at December 31, 2022. FHLB advances are stated at par value of the debt adjusted for unamortized prepayment fees paid at the time of prior restructurings of FHLB advances and unamortized fair value adjustments recorded in connection with advances acquired through acquisitions and debt issuance costs. Unamortized prepayment fees are amortized as an adjustment to interest expense using the effective interest method. In 2022, the Company was required to repay approximately $1.1 billion of FHLB advances prior to the respective maturity date as a result of call date terms within the related agreements. Approximately $1.0 billion of the FHLB advances outstanding at December 31, 2022 currently have varying put or call dates over the next 12 months ranging from January 2023 to December 2023. At December 31, 2022, the weighted average contractual interest rate on FHLB advances was 2.88%.

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- Definition The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13(a)) -URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 + Details
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