Federal Home Loan Bank Advances

12 Months Ended

Dec. 31, 2017

Advances from Federal Home Loan Banks [Abstract]

A summary of the outstanding FHLB advances at December 31, 2017 and 2016, is as follows:



(Dollars in thousands)	2017		2016
1.09% advance due February 2017	—		2,000
1.25% advance due February 2017	—		24,928
3.47% advance due November 2017	—		10,000
1.44% advance due January 2018	250,000		—
1.49% advance due February 2018	94,663		91,903
4.18% advance due February 2022	25,000		25,000
1.52% advance due March 2022	50,000		—
1.45% advance due May 2022	50,000		—
1.46% advance due May 2022	90,000		—
Total FHLB advances	$	559,663	$	153,831

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 $2.7 billion at December 31, 2017.

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 $165.0 million of the FHLB advances outstanding at December 31, 2017, have varying put dates ranging from February 2018 to May 2019. At December 31, 2017, the weighted average contractual interest rate on FHLB advances was 1.58%.