Federal Home Loan Bank Advances

12 Months Ended

Dec. 31, 2024

Advance from Federal Home Loan Bank [Abstract]

A summary of the outstanding FHLB advances at December 31, 2024 and 2023, is as follows:


(In thousands)	2024		2023

0.00% advance due April 2024	$	—	$	442
2.98% advance due August 2024	—		25,000
0.00% advance due April 2026	629		629
0.00% advance due January 2029	680		—
3.70% advance due July 2030	150,000		150,000


2.81% advance due September 2032	500,000		500,000
3.08% advance due September 2032	500,000		500,000
2.96% advance due December 2032	—		250,000
2.98% advance due December 2032	—		250,000
3.13% advance due February 2033	—		250,000
2.95% advance due May 2033	250,000		250,000
3.72% advance due July 2033	150,000		150,000
3.43% advance due January 2034	175,000		—
3.19% advance due January 2034	175,000		—
3.45% advance due April 2034	250,000		—
3.44% advance due April 2034	250,000		—
3.33% advance due May 2034	250,000		—
3.29% advance due June 2034	250,000		—
3.38% advance due June 2034	250,000		—
Total FHLB advances	$	3,151,309	$	2,326,071

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 $3.9 billion at December 31, 2024.

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 2024, the Company was required to repay approximately $750.0 million of FHLB advances prior to the respective maturity date as a result of call date terms within the related agreements. Approximately $2.7 billion of the FHLB advances outstanding at December 31, 2024 currently have varying put or call dates over the next 12 months. At December 31, 2024, the weighted average contractual interest rate on FHLB advances was 3.23%.