XML 27 R17.htm IDEA: XBRL DOCUMENT v3.23.3

FEDERAL HOME LOAN BANK ADVANCES

9 Months Ended

Sep. 30, 2023

FEDERAL HOME LOAN BANK ADVANCES

FEDERAL HOME LOAN BANK ADVANCES

9. FEDERAL HOME LOAN BANK ADVANCES

​

FHLB advances were as follows:

​

​	​	​	​	​	​	​	​
(in thousands)		September 30, 2023			December 31, 2022
​	​	​	​	​	​	​	​
Overnight advances	​	$	195,000	​	$	75,000	​
Fixed interest rate advances	​		270,000	​		20,000	​
Total FHLB advances	​	$	465,000	​	$	95,000	​

​

Each FHLB advance is payable at its maturity date, with a prepayment penalty for fixed rate advances that are paid off earlier than maturity. FHLB advances are collateralized by a blanket pledge of eligible real estate loans. As of September 30, 2023 and December 31, 2022, Republic had available borrowing capacity of $639 million and $900 million, respectively, from the FHLB. In addition to its borrowing capacity with the FHLB, Republic also had unsecured lines of credit totaling $125 million available through various other financial institutions as of September 30, 2023 and December 31, 2022.

​

Aggregate future principal payments on FHLB advances based on contractual maturity and the weighted average cost of such advances are detailed below:

​

​	​	​	​	​	​	​
​			​		Weighted
​	​	​	​	​	Average
Year (dollars in thousands)	​	Principal		​	Rate
​	​	​	​	​	​	​
2023		$	195,000		5.37	%
2024		​	—	​	—	​
2025		​	—		—	​
2026		​	30,000		4.82	​
2027	​	​	80,000		4.01	​
2028		​	160,000		4.39	​
Total	​	$	465,000		4.76	%

​

Due to their nature, the Bank considers average balance information more meaningful than period-end balances for its overnight borrowings from the FHLB. Information regarding overnight FHLB advances follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

Nine Months Ended

​

​

​

September 30,

​

​

September 30,

​

(dollars in thousands)

2023

​

2022

​

2023

​

2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Average outstanding balance during the period

$

250,348

​

$

—

​

$

150,833

​

$

5,641

​

Weighted average interest rate during the period

​

​

5.20

%

​

​

—

%

​

​

7.75

%

​

​

0.15

%

Maximum outstanding at any month end during the period

$

365,000

`

$

—

​

$

485,000

​

$

25,000

​

​

The following table illustrates real estate loans pledged to collateralize advances and letters of credit with the FHLB:

​

​	​	​	​	​	​	​	​
(in thousands)		September 30, 2023			December 31, 2022
​	​	​	​	​	​	​	​
First lien, single family residential real estate	​	$	1,336,038	​	$	1,106,287	​
Home equity lines of credit	​		249,819	​		219,644	​
Multi-family commercial real estate	​		141,133	​		—	​

​

X

- References

No definition available.

+ Details

Name:	us-gaap_AdvancesFromFederalHomeLoanBanksAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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
-Topic 942
-SubTopic 470
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480876/942-470-45-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 470
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481544/470-10-50-1

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.13(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1

+ Details

Name:	us-gaap_FederalHomeLoanBankAdvancesDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration