Federal Home Loan Bank Advances

12 Months Ended

Dec. 31, 2015

Advances from Federal Home Loan Banks [Abstract]

A summary of the outstanding FHLB advances at December 31, 2015 and 2014, is as follows:



(Dollars in thousands)	2015		2014
0.13% advance due January 2015	$	—	$	405,550
0.72% advance due February 2015	—		141,000
0.73% advance due February 2015	—		5,000
0.16% advance due January 2016	331,100		—
0.19% advance due January 2016	68,000		—
0.99% advance due February 2016	26,500		26,500
1.25% advance due February 2017	25,000		25,000
3.47% advance due November 2017	10,000		10,000
0.89% advance due December 2017	90,000		—
1.49% advance due February 2018	95,000		95,000
1.31% advance due August 2018	94,597		—
1.89% advance due August 2020	94,679		—
4.18% advance due February 2022	25,000		25,000
Total Federal Home Loan Bank advances	$	859,876	$	733,050

Federal Home Loan Bank advances consist of obligations of the banks and are collateralized by qualifying residential real estate and home equity loans and certain securities. The banks have arrangements with the FHLB whereby, based on available collateral, they could have borrowed an additional $931.0 million at December 31, 2015.

FHLB advances are stated at par value of the debt adjusted for unamortized fair value adjustments recorded in connection with advances acquired through acquisitions. Prepayment fees paid at the time of restructurings of FHLB advances are classified in other assets on the Consolidated Statements of Condition and are amortized as an adjustment to interest expense using the effective interest method.

Approximately $35.0 million of the FHLB advances outstanding at December 31, 2015, have varying put dates in February 2016. At December 31, 2015, the weighted average contractual interest rate on FHLB advances was 0.92%.