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FHLB Borrowings

6 Months Ended

Jun. 30, 2017

Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures [Abstract]

FHLB Borrowings

Note 11 – FHLB Borrowings

The Company’s FHLB borrowings and weighted average interest rates are summarized below:

		June 30, 2017						December 31, 2016
		Amount			Rate			Amount			Rate
		(dollars in thousands)
Total FHLB borrowings		$	626,173		1.56	%		$	461,280		1.55	%
By remaining period to maturity:
Less than 1 year		$	446,173		1.30	%		$	231,280		1.02	%
1 year through less than 2 years			115,000		1.85	%			130,000		1.84	%
2 years through less than 3 years			25,000		1.85	%			35,000		1.60	%
3 years through less than 4 years			40,000		3.43	%			65,000		2.82	%
4 years through 5 years			-		-				-		-
Total FHLB borrowings		$	626,173		1.56	%		$	461,280		1.55	%

The FHLB borrowings are secured by pledges of certain collateral including, but not limited to, U.S. government and agency mortgage-backed securities and a blanket assignment of qualifying first lien mortgage loans, consisting of both residential mortgages and commercial real estate loans.

Three of the FHLB notes ($2.5 million and $7.5 million each due April 2, 2018, and $5.0 million due July 16, 2018) contain a convertible option which allows the FHLB, at quarterly intervals, to convert the fixed convertible advance into replacement funding for the same or lesser principal based on any advance then offered by the FHLB at its current market rate. The Company has the option to repay these advances, if converted, without penalty. The remaining advances are payable at stated maturity, with a prepayment penalty for fixed rate advances. All FHLB advances are fixed rate. The advances at June 30, 2017 were primarily collateralized by approximately $1.3 billion of commercial mortgage loans, net of required over collateralization amounts, under a blanket lien arrangement. At June 30, 2017 the Company had remaining borrowing capacity of approximately $721 million at FHLB.

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- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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- References

No definition available.

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