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Federal Home Loan Bank Advances

12 Months Ended

Dec. 31, 2020

Investments in and Advances to Affiliates, Schedule of Investments [Abstract]

Federal Home Loan Bank Advances

FEDERAL HOME LOAN BANK ADVANCES

FHLB advances are collateralized by 1-4 family residential real estate loans, business loans, and certain commercial real estate loans. At December 31, 2020 and 2019, the carrying value of the loans pledged to the FHLB of Des Moines was $1.4 billion and $1.6 billion, respectively. The secured line of credit had availability of approximately $739.1 million at December 31, 2020.

The following table summarizes the type, maturity, and rate of the Company’s FHLB advances at December 31:

						2020									2019
($ in thousands)			Term			Outstanding Balance			Weighted Rate						Outstanding Balance			Weighted Rate
Non-amortizing fixed advance			Less than 1 year			$	—		—		%				$	170,000		1.73		%
Non-amortizing fixed advance			Greater than 1 year			50,000			1.56		%				52,406			1.62		%
Total FHLB advances						$	50,000		1.56		%				$	222,406		1.70		%

In August 2019, the Company entered into agreements totaling $50 million for convertible advances with a weighted average rate of 1.56% that mature in 2024 and are currently puttable by the FHLB.

At December 31, 2020, the Company used $6.0 million of collateral value to secure confirming letters of credit for public unit deposits and industrial development bonds.

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
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-Subparagraph (SX 210.9-03.13(a))
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