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Note 10 - FHLB Advances | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
FHLB Advances | Note 10. FHLB Advances The subsidiary banks are members of the FHLB of Des Moines. Maturity and interest rate information on advances from the FHLB as of December 31, 2019 and 2018 is as follows:
|  | December 31, 2019 |  | December 31, 2018 |
|  |  |  |  | Weighted |  |  |  |  | Weighted |
|  |  |  |  | Average |  |  |  |  | Average |
|  |  |  |  | Interest Rate |  |  |  |  | Interest Rate |
|  | Amount Due |  | at Year-End |  | Amount Due |  | at Year-End |
|  | (dollars in thousands)
Maturity: |  |  |  |  |  |  |  |  |  |  |
Year ending December 31: |  |  |  |  |  |  |  |  |  |  |
2019 |  | $ | — |  | — | % | $ | 239,958 |  | 2.60 | %
2020 |  |  | 110,900 |  | 1.73 |  |  | 11,484 |  | 1.74 |
2021 |  |  | 5,000 |  | 1.55 |  |  | 15,050 |  | 2.32 |
2022 |  |  | 23,400 |  | 1.73 |  |  | — |  | — |
2023 |  |  | 20,000 |  | 1.84 |  |  | — |  | — |
Total FHLB advances |  | $ | 159,300 |  | 1.74 | % | $ | 266,492 |  | 2.55 | %
The Company prepaid FHLB advances in 2019 using excess funds generated by strong deposit growth. The loss on the prepayment of the FHLB advances totaled $386 thousand. Advances are collateralized by loans of $1.1 billion and $1.3 billion as of December 31, 2019 and 2018, respectively, in aggregate. On pledged loans, the FHLB applies varying collateral maintenance levels from 125% to 333% based on the loan type. Advances are also collateralized by securities of $1.4 million and $26.9 million as of December 31, 2019 and 2018, respectively, in aggregate. The Company continues to pledge loans under blanket liens to provide off balance sheet liquidity. As of December 31, 2019 and included within the 2020 maturity grouping above are $109.3 million of short-term advances from the FHLB. These advances have maturities ranging from 1 day to 1 month. Short-term and overnight advances totaled $190.2 million as of December 31, 2018 and had maturities ranging from 1 day to 1 month. As of December 31, 2019 and 2018, the subsidiary banks held $11.7 million and $15.7 million, respectively, of FHLB stock, which is included in restricted investment securities on the consolidated balance sheet.

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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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