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Note 11 - FHLB Advances and Other Borrowings

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Federal Home Loan Bank Advances, Disclosure [Text Block]

(11) FHLB Advances and Other Borrowings

FHLB advances outstanding at September 30, 2023 consist of a $150 million cash management advance with an overnight maturity and a $200 million three-month advance that matures in November 2023. FHLB advances outstanding at December 31, 2022 consisted entirely of a $50 million cash management advance that matured in early January 2023.

For the nine months ended September 30, 2023, gross proceeds and repayments related to FHLB advances totaled $2.2 billion and $1.9 billion, respectively. Net proceeds and repayments related to FHLB advances (excluding those with maturities of 90 days or less) totaled $700 million and $400 million for the nine months ended September 30, 2023, respectively. There was no FHLB advance activity for the nine months ended September 30, 2022.

(dollars in thousands)		September 30, 2023				December 31, 2022
Outstanding balance at end of period		$	350,000			$	50,000
Weighted average interest rate at end of period			5.51	%			4.37	%

		Three months ended								Nine months ended
		September 30,								September 30,
(dollars in thousands)		2023				2022				2023				2022
Average outstanding balance during the period		$	401,630			$	-			$	305,220			$	-
Average interest rate during the period			4.86	%			-	%			4.65	%			-	%
Maximum outstanding at any month end during the period		$	425,000			$	-			$	425,000			$	-

FHLB advances are collateralized by certain CRE and residential real estate mortgage loans under blanket mortgage collateral pledge agreements, as well as FHLB stock. Bancorp views these advances as an effective lower-costing funding option compared to other alternatives, such as brokered deposits, to fund loan growth. At September 30, 2023 and December 31, 2022, the amount of available credit from the FHLB totaled $1.06 billion and $1.36 billion, respectively.

Bancorp also had unsecured available FFP lines with correspondent banks totaling $80 million at both September 30, 2023 and December 31, 2022, respectively.

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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.

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-Topic 942
-SubTopic 470
-Name Accounting Standards Codification
-Section 45
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