Federal Home Loan Bank Advances and Other Borrowings

12 Months Ended

Dec. 31, 2019

Long-term Federal Home Loan Bank Advances [Abstract]

Federal Home Loan Bank Advances and Other Borrowings

As of December 31, 2019, the Company has a line of credit with the FHLB that provides for advances totaling up to 40% of the Company’s assets, equating to a credit line of $4.72 billion, of which $2.24 billion was available for borrowing. The available for borrowing was based on collateral pledged by real estate loans with an aggregate balance of $3.90 billion.

At December 31, 2019, the Company had $491.0 million in overnight FHLB advances and $26.0 million term advances, compared to $506.0 million in overnight FHLB advances and $161.5 million term advances at December 31, 2018. The term advance have maturity dates ranging from February 2020 to June of 2022 and rates ranging from 1.78% to 2.47%.

The following table summarizes activities in advances from the FHLB for the periods indicated:



	Year Ended December 31,
	2019			2018
	(dollars in thousands)
Average balance outstanding	$	404,959		$	529,278
Weighted average rate	2.43		%	2.06		%
Maximum amount outstanding at any month-end during the year	1,091,596			883,612
Balance outstanding at end of year	517,026			667,606
Weighted average interest rate at year-end	1.69		%	2.51		%

At December 31, 2019, the Bank had unsecured lines of credit with eight correspondent banks for a total amount of $193.0 million and access through the Federal Reserve discount window to borrow $1.1 million. At December 31, 2019 and December 31, 2018, the Company had no outstanding balances against these lines.

The Company maintains additional sources of liquidity at the Corporation level. The $15.0 million line of credit with Wells Fargo Bank established in June 2017 matured in June 2019. At December 31, 2018, the Corporation had no outstanding balances against this line. A new $15 million line of credit was established with US Bank on July 1, 2019 and will expire on July 1, 2020. At December 31, 2019, the Corporation had no outstanding balances against this line.

The following table summarizes activities in other borrowings for the periods indicated:



	Year Ended December 31,
	2019			2018
	(dollars in thousands)
Average balance outstanding	$	229		$	29,193
Weighted average rate	0.63		%	1.69		%
Maximum amount outstanding at any month-end during the year	10,000			52,091
Balance outstanding at end of year	—			75
Weighted average interest rate at year-end	—		%	0.01		%