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FHLB Borrowings

9 Months Ended

Sep. 30, 2019

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

FHLB Borrowings

Note 12. FHLB Borrowings

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

		September 30, 2019							December 31, 2018
		Amount				Rate			Amount				Rate
		(dollars in thousands)
Total FHLB borrowings		$	512,456			2.25	%		$	600,001			2.59	%
By remaining period to maturity:
Less than 1 year		$	392,169			2.21	%		$	405,000			2.57	%
1 year through less than 2 years			57,000			2.27	%			110,000			2.75	%
2 years through less than 3 years			28,338			2.15	%			60,000			2.27	%
3 years through less than 4 years			32,421			2.82	%			-			-
4 years through less than 5 years			-			-				-			-
After 5 years			2,898			2.43	%			25,000			2.92	%
Total FHLB borrowings			512,826			2.25	%			600,000			2.59	%
Fair value (discount) premium			(370	)						1
FHLB borrowings, net		$	512,456						$	600,001

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.

Advances are payable at stated maturity, with a prepayment penalty for fixed rate advances. All FHLB advances are fixed rates. The advances at September 30, 2019 were primarily collateralized by approximately $1.9 billion of commercial mortgage loans, net of required over collateralization amounts, under a blanket lien arrangement. At September 30, 2019 the Company had remaining borrowing capacity of approximately $1.1 billion at FHLB.

In June of 2019, the Corporation extinguished $65 million of FHLBNY advances with a weighted average rate of 3.29 percent and a weighted average maturity of 1.1 years. Of that total $40 million of those extinguished advances were putable at the option of the FHLBNY. A pre-tax prepayment penalty of $1.0 million associated with the extinguishment was recorded to noninterest expense.

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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://fasb.org/us-gaap/role/ref/legacyRef
-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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