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FEDERAL HOME LOAN BANK ADVANCES

12 Months Ended

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	​

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Each FHLB advance is payable at its maturity date, with a prepayment penalty for fixed rate advances that are paid off earlier than maturity.  

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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.

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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	%

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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%.

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Information regarding overnight FHLB advances follows:

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​	​	​	​	​	​	​	​	​	​
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	%	​

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Years Ended December 31,  (dollars in thousands)

2024

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2023

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2022

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​

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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

​

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

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​	​	​	​	​	​	​	​
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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- References

No definition available.

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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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-Topic 942
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-Name Accounting Standards Codification
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