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Note 11 - FHLB Borrowings | 6 Months Ended
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Jun. 30, 2024
Notes to Financial Statements |
Federal Home Loan Bank, Advances [Text Block] | Note 11. FHLB Borrowings The Company’s FHLB borrowings and weighted average interest rates are summarized below:
|  | June 30, 2024 |  |  | December 31, 2023 |
|  | Amount |  |  | Rate |  |  | Amount |  |  | Rate |
|  | (dollars in thousands) |
By remaining period to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 1 year |  | $ | 603,587 |  |  |  | 5.50 | % |  | $ | 881,000 |  |  |  | 5.57 | %
1 year through less than 2 years |  |  | 75,000 |  |  |  | 3.30 |  |  |  | 25,000 |  |  |  | 1.00 |
2 years through less than 3 years |  |  | 52,050 |  |  |  | 4.19 |  |  |  | 2,050 |  |  |  | 2.23 |
3 years through less than 4 years |  |  | 25,276 |  |  |  | 4.17 |  |  |  | 293 |  |  |  | 2.85 |
4 years through 5 years |  |  | - |  |  |  | 0.00 |  |  |  | 25,000 |  |  |  | 4.18 |
After 5 years |  |  | 278 |  |  |  | 2.96 |  |  |  | 294 |  |  |  | 2.96 |
FHLB borrowings - gross |  |  | 756,191 |  |  |  | 5.15 | % |  |  | 933,637 |  |  |  | 5.41 | %
Fair value discount |  |  | (47 | ) |  |  |  |  |  |  | (58 | ) |  |  |  |
Total FHLB borrowings |  | $ | 756,144 |  |  |  |  |  |  | $ | 933,579 |  |  |  |  |
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 bear fixed rates. The advances as of June 30, 2024 were primarily collateralized by approximately $2.8 billion of commercial mortgage loans and securities, net of required over collateralization amounts, under a blanket lien arrangement. As of June 30, 2024 the Company had remaining borrowing capacity of approximately $1.5 billion at FHLB.

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- Definition The entire disclosure of advances made and reported by Federal Home Loan Bank (FHLBank). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942/tableOfContent + Details
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