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FEDERAL HOME LOAN BANK ADVANCES | 3 Months Ended
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Mar. 31, 2020
FEDERAL HOME LOAN BANK ADVANCES. |
FEDERAL HOME LOAN BANK ADVANCES | 9. FEDERAL HOME LOAN BANK ADVANCES The following tables present the contractual maturities and weighted average interest rates of FHLB advances for each of the next five years. There are no FHLB advances with contractual maturities after 2020.
|  | March 31, 2020 |
(Dollars in thousands) |  |  |  |  | Weighted |
Contractual Maturity |  | Amount |  | Average Rate |
Overnight |  | $ | — |  | — | %
2020 |  |  | 290,000 |  | 0.81 |
Total FHLB advances |  | $ | 290,000 |  | 0.81 | %
|  | December 31, 2019 |
(Dollars in thousands) |  |  |  |  | Weighted |
Contractual Maturity |  | Amount |  | Average Rate |
Overnight |  | $ | 195,000 |  | 1.81 | %
2020 |  |  | 240,000 |  | 1.84 |
Total FHLB advances |  | $ | 435,000 |  | 1.82 | %
Each advance is payable at its maturity date, with a prepayment penalty for fixed rate advances. The advances were collateralized by $1.4 billion of residential and commercial mortgage loans under a blanket lien arrangement at March 31, 2020 and December 31, 2019. Based on this collateral and the Company's holdings of FHLB stock, the Company is eligible to borrow up to a total of $1.5 billion at March 31, 2020.

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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)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 + Details
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