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FEDERAL HOME LOAN BANK ADVANCES | 9 Months Ended
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Sep. 30, 2024
FEDERAL HOME LOAN BANK ADVANCES |
FEDERAL HOME LOAN BANK ADVANCES | 8. FEDERAL HOME LOAN BANK ADVANCES ​ FHLB advances were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | September 30, 2024 |  | December 31, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​
Overnight advances | ​ | $ | — | ​ | $ | 110,000
Fixed interest rate advances | ​ |  | 370,000 | ​ |  | 270,000
Total FHLB advances | ​ | $ | 370,000 | ​ | $ | 380,000
​ 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, 2024 and December 31, 2023, Republic had available borrowing capacity of $775 million and $730 million, respectively, from the FHLB. In addition to its borrowing capacity with the FHLB, Republic also had unsecured lines of credit totaling $100 million available through various other financial institutions as of September 30, 2024 and December 31, 2023. ​ 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 |
​ | ​ | ​ | ​ | ​ | ​ | ​
2024 |  | $ | — | ​ | — | %
2025 |  | ​ | 100,000 |  | 5.05 | ​
2026 |  | ​ | 30,000 |  | 4.82 | ​
2027 | ​ | ​ | 80,000 |  | 4.01 | ​
2028 |  | ​ | 160,000 |  | 4.39 | ​
Total | ​ | $ | 370,000 |  | 4.52 | %
​ 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) |  | 2024 |  | ​ | 2023 |  | ​ | 2024 |  | ​ | 2023 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Average outstanding balance during the period |  | $ | 17,989 |  | ​ | $ | 250,348 | ​ |  | $ | 96,058 |  | ​ | $ | 150,833 | ​
Weighted average interest rate during the period | ​ | ​ | 5.42 | % | ​ | ​ | 5.20 | % | ​ | ​ | 5.46 | % | ​ | ​ | 7.75 | %
Maximum outstanding at any month end during the period |  | $ | 55,000 |  | ​ | $ | 365,000 | ​ |  | $ | 760,000 |  | ​ | $ | 485,000 | ​
​ The following table illustrates real estate loans pledged to collateralize advances and letters of credit with the FHLB: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | September 30, 2024 |  | December 31, 2023 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
First-lien, single family residential real estate | ​ | $ | 1,208,147 | ​ | $ | 1,345,752 | ​
Home equity lines of credit | ​ |  | 300,719 | ​ |  | 266,389 | ​
Multi-family commercial real estate | ​ |  | 100,759 | ​ |  | 133,565 | ​
Commercial real estate | ​ | ​ | 352,639 | ​ | ​ | — | ​
​

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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 -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(13)(3)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1 Reference 2: 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/1943274/2147478878/942-470-45-1 Reference 3: 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/1943274/2147477734/942-470-50-3 Reference 4: 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 + Details
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