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Note 11 - Borrowings and Financing Activities | 3 Months Ended
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Mar. 31, 2020
Senior Notes [Abstract] |
Borrowings and Financing Activities | Borrowings and Financing Activities The carrying value of our debt at March 31, 2020 and December 31, 2019 was as follows:
(In thousands) | March 31, 2020 |  | December 31, 2019
Senior notes: |  |  |
4.500% Senior Notes due 2024 | $ | 444,707 |  |  | $ | 444,445 |
4.875% Senior Notes due 2027 | 442,877 |  |  | 442,665 |
Total senior notes | $ | 887,584 |  |  | $ | 887,110 |
FHLB advances: |  |  |
FHLB advances due 2020 | $ | 97,902 |  |  | $ | 79,002 |
FHLB advances due 2021 | 24,000 |  |  | 19,000 |
FHLB advances due 2022 | 16,925 |  |  | 11,925 |
FHLB advances due 2023 | 14,994 |  |  | 14,994 |
FHLB advances due 2024 | 9,954 |  |  | 9,954 |
FHLB advances due 2025 | 9,985 |  |  | — |
Total FHLB advances | $ | 173,760 |  |  | $ | 134,875 |
FHLB Advances As of March 31, 2020, we had $173.8 million of fixed-rate advances outstanding with a weighted average interest rate of 1.50%. Interest on the FHLB advances is payable quarterly, or at maturity if the term of the advance is less than 90 days. Principal is due at maturity. For obligations with maturities greater than or equal to 90 days, we may prepay the debt at any time, subject to a prepayment fee calculation. The FHLB advances are required to be collateralized by eligible assets with a market value that must be maintained at a minimum of approximately 103% to 105% of the principal balance of the FHLB advances. Our fixed-maturities available for sale include securities totaling $185.7 million and $143.1 million at March 31, 2020 and December 31, 2019, respectively, which serve as collateral for our FHLB advances to satisfy this requirement. See Note 12 of Notes to Consolidated Financial Statements in our 2019 Form 10-K for additional information about our FHLB advances. Revolving Credit Facility Radian Group has in place a $267.5 million unsecured revolving credit facility with a syndicate of bank lenders. Effective May 6, 2020, the credit facility was amended to extend the maturity date from October 16, 2020 to January 18, 2022 and to change a defined term related to LIBOR replacement rates. No other terms or conditions of the credit facility were amended. At March 31, 2020, Radian Group was in compliance with all of the credit facility covenants, and there were no amounts outstanding. For more information regarding our revolving credit facility, including certain of its terms and covenants, see Note 12 of Notes to Consolidated Financial Statements in our 2019 Form 10-K.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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