Federal Home Loan Bank Advances

12 Months Ended

Dec. 31, 2019

Advances from Federal Home Loan Banks [Abstract]

A summary of the outstanding FHLB advances at December 31, 2019 and 2018, is as follows:



(Dollars in thousands)	2019		2018
1.57% advance due June 2019	$	—	$	1,991
1.75% advance due June 2020	3,981		3,940
1.72% advance due June 2020	2,487		2,461
1.88% advance due June 2021	2,960		2,934
4.18% advance due February 2022	—		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
1.98% advance due January 2023	—		100,000
0.00% advance due April 2024	442		—
2.98% advance due August 2024	25,000		—
2.05% variable-rate advance due January 2028	100,000		100,000
0.41% advance due February 2029	440,000		—
1.36% advance due December 2029	100,000		—
Total FHLB advances	$	674,870	$	426,326

FHLB advances consist of obligations of the banks and are collateralized by qualifying commercial and 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 $2.9 billion at December 31, 2019.

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.

In 2019, the Company paid-off approximately $315.0 million of FHLB advances prior to the respective maturity date. Approximately $540.0 million of the FHLB advances outstanding at December 31, 2019, have varying put or call dates ranging from February 2020 to December 2021. At December 31, 2019, the weighted average contractual interest rate on FHLB advances was 0.91%.