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Federal Home Loan Bank Advances

12 Months Ended

Dec. 31, 2022

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, 2022 and 2021, the carrying value of the loans pledged to the FHLB of Des Moines was $1.4 billion. The secured line of credit had availability of approximately $752.1 million at December 31, 2022.

The following table summarizes the Company’s FHLB advances at December 31:

						2022									2021
($ in thousands)						Outstanding Balance			Weighted Rate						Outstanding Balance			Weighted Rate
Non-amortizing fixed advance						$	100,000		4.57		%				$	50,000		1.56		%

At December 31, 2022, the Company had advances of $50 million with a one-week maturity and $50 million in overnight funds. In August 2019, the Company entered into agreements totaling $50 million for convertible advances with a weighted average rate of 1.56% and maturity dates in August 2024 that were called during 2022.

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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))
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 470
-Section 45
-Paragraph 1
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- References

No definition available.

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