Advances From the Federal Home Loan Bank and Other Borrowings

12 Months Ended

Dec. 31, 2021

Federal Home Loan Bank Advances, Disclosure [Abstract]

Advances From the Federal Home Loan Bank and Other Borrowings

At December 31, 2021 and 2020, the Company had outstanding advances from the FHLB and other borrowings as follows:


			Outstanding Balance at December 31,
Year of Maturity	Interest Rate	Interest Rate Type	2021		2020
			(in thousands)
2022	0.65%	Fixed	—		50,000
2023	0.62% to 1.06%	Fixed	104,317		70,000
2024 and after (1)	0.62% to 2.42%	Fixed	705,260		930,000
			$	809,577	$	1,050,000

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(1)As of December 31, 2021 and 2020, includes $530 million (interest rate - from 0.62% to 0.97%) in advances from the FHLB that are callable prior to maturity.

At December 31, 2021 and 2020, the Company held stock of the FHLB for approximately $34 million and $52 million, respectively. The terms of the Company’s advance agreement with the FHLB require the Company to maintain certain investment securities and loans as collateral for these advances. At December 31, 2021 and 2020 the Company was in compliance with this requirement.

There were no other borrowings at December 31, 2021 and 2020.

In May 2021, the Company restructured $285 million of its fixed-rate FHLB advances. This restructuring consisted of changing the original maturity at lower interest rates. The new maturities of these FHLB advances range from 2 to 4 years compared to original maturities ranging from 2 to 8 years. The Company incurred an early termination and modification penalty of $6.6 million which was deferred and is being amortized over the term of the new advances, as an adjustment to the yields. In 2021, the Company recognized $1.2 million, included as part of interest expense, as a result of this amortization. The modifications were not considered a substantial modification in accordance with GAAP.

In May 2021, the Company incurred a loss of $2.5 million on the early repayment of $235 million of FHLB advances.

In early April 2020, the Company restructured $420.0 million of its fixed-rate FHLB advances maturing from 2021 to 2023 by extending their original maturities’s range from 2023 to 2029 at lower interest rates. The Company incurred a loss of $17.0 million as a result of this restructuring which was blended into the new interest rates of these advances affecting the yields through their remaining maturities. The modifications were not considered substantial in accordance with GAAP.