Federal Home Loan Bank Advances

12 Months Ended

Dec. 31, 2016

Advances from Federal Home Loan Banks [Abstract]

A summary of the outstanding FHLB advances at December 31, 2016 and 2015, is as follows:



(Dollars in thousands)	2016		2015
0.16% advance due January 2016	—		331,100
0.19% advance due January 2016	—		68,000
0.99% advance due February 2016	—		26,426
1.09% advance due February 2017	2,000		—
1.25% advance due February 2017	24,928		24,368
3.47% advance due November 2017	10,000		10,000
0.89% advance due December 2017	—		90,000
1.49% advance due February 2018	91,903		89,261
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 FHLB advances	$	153,831	$	853,431

FHLB 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 $3.3 billion at December 31, 2016.

FHLB advances are stated at par value of the debt adjusted for unamortized prepayment fees paid at the time of prior restructurings of FHLB advances and unamortized fair value adjustments recorded in connection with advances acquired through acquisitions and debt issuance costs. Unamortized prepayment fees 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, 2016, have varying put dates in February 2017. At December 31, 2016, the weighted average contractual interest rate on FHLB advances was 2.01%.

In 2016, the Company paid-off approximately $262.4 million of FHLB advances prior to the respective maturity date, paying approximately $717,000 in prepayment fees.