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Note 9 - FHLB Borrowings

12 Months Ended

Dec. 31, 2024

Federal Home Loan Bank, Advances [Text Block]

Note 9 – FHLB Borrowings

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

	December 31, 2024						December 31, 2023
	Amount			Rate			Amount			Rate
	(dollars in thousands)
By remaining period to maturity:
Less than 1 year	$	660,529			4.51	%	$	881,000			5.57	%
1 year through less than 2 years		2,050			2.23			25,000			1.00
2 years through less than 3 years		260			2.85			2,050			2.23
3 years through less than 4 years		25,000			4.18			293			2.85
4 years through 5 years		-			-			25,000			4.18
After 5 Years		261			2.96			294			2.96
FHLB borrowings (before discount)		688,100			4.49	%		933,637			5.41	%
Fair value discount		(36	)					(58	)
FHLB borrowings (after discount)	$	688,064					$	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 have fixed rates. The advances as of December 31, 2024 were primarily collateralized by approximately $3.8 billion of commercial mortgage and residential loans, or $2.4 billion net of required over collateralization amounts, under a blanket lien arrangement. As of December 31, 2024, the Company had remaining borrowing capacity of billion approximately $1.1 billion at the FHLB.