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FHLB Borrowings
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
FHLB Borrowings

Note 10. FHLB Borrowings

 

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

 

   March 31, 2022   December 31, 2021 
   Amount   Rate   Amount   Rate 
   (dollars in thousands) 
By remaining period to maturity:                
Less than 1 year   $359,526    0.79%  $390,549    0.56%
1 year through less than 2 years    25,000    2.92%   50,000    1.84%
2 years through less than 3 years    
-
    
n/a
    
-
    
n/a
 
3 years through less than 4 years    25,000    1.00%   25,000    1.00%
4 years through 5 years    2,050    2.23%   2,050    2.23%
After 5 years    698    2.91%   714    2.91%
FHLB borrowings - gross    412,274    0.94%   468,313    0.73%
Fair value (discount)    (104)        (120)     
Total FHLB borrowings   $412,170        $468,193      

 

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 as of March 31, 2022 were primarily collateralized by approximately $1.9 billion of commercial mortgage loans, net of required over collateralization amounts, under a blanket lien arrangement. As of March 31, 2022 the Company had remaining borrowing capacity of approximately $1.0 billion at FHLB.