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FEDERAL HOME LOAN BANK ADVANCES | 12 Months Ended
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Dec. 31, 2024
FEDERAL HOME LOAN BANK ADVANCES |
FEDERAL HOME LOAN BANK ADVANCES |
11. | FEDERAL HOME LOAN BANK ADVANCES
​ As of December 31, 2024 and 2023, FHLB advances were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, (in thousands) |  |  | 2024 |  | 2023 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Overnight advances | ​ | ​ | $ | 25,000 | ​ | $ | 110,000 | ​
Fixed interest rate advances | ​ | ​ |  | 370,000 | ​ |  | 270,000 | ​
Total FHLB advances | ​ | ​ | $ | 395,000 | ​ | $ | 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 December 31, 2024 and 2023, Republic had available borrowing capacity of $755 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 December 31, 2024 and 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 |
​ | ​ | ​ | ​ | ​ | ​ | ​
2025 |  | $ | 125,000 |  | 4.55 | %
2026 |  | ​ | 30,000 |  | 4.82 | ​
2027 | ​ | ​ | 80,000 |  | 4.01 | ​
2028 |  | ​ | 160,000 |  | 4.39 | ​
Total | ​ | $ | 395,000 |  | 4.40 | %
​ As more fully disclosed in Footnote 8 “Interest Rate Swaps” in this section of the filing, the Bank elected to extend $100 million of FHLB borrowings during May and June of 2024 through a third-party, fixed rate swap to take advantage of the inverted yield curve and lower its overall borrowing costs. As a result of this swap, the Bank was able to lock in an annualized cost of 4.42% for this $100 million over a five-year term. The total weighted average cost of all advances, including the impact of any corresponding swaps, is 4.36%. ​ Information regarding overnight FHLB advances follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, (dollars in thousands) |  | 2024 |  | ​ | 2023 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding balance at end of period |  | $ | 25,000 |  | ​ | $ | 110,000 | ​ | ​
Weighted average interest rate at end of period | ​ | ​ | 4.45 | % | ​ | ​ | 5.38 | % | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Years Ended December 31, (dollars in thousands) |  | 2024 |  | ​ | 2023 |  | ​ | 2022 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Average outstanding balance during the period |  | $ | 71,981 |  | ​ | $ | 197,185 |  | ​ | $ | 4,630 | ​
Weighted average interest rate during the period | ​ | ​ | 5.47 | % | ​ | ​ | 5.06 | % | ​ | ​ | 0.53 | %
Maximum outstanding at any month end during the period |  | $ | 760,000 |  | ​ | $ | 485,000 |  | ​ | $ | 75,000 | ​
​ The following table illustrates real estate loans pledged to collateralize advances and letters of credit with the FHLB: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, (in thousands) |  | 2024 |  | 2023 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
First-lien, single family residential real estate | ​ | $ | 1,177,113 | ​ | $ | 1,345,752 | ​
Home equity lines of credit | ​ |  | 312,168 | ​ |  | 266,389 | ​
Multi-family commercial real estate | ​ |  | 94,334 | ​ |  | 133,565 | ​
Commercial real estate | ​ | ​ | 330,911 | ​ | ​ | — | ​
​

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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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