Note 10 - FHLB Borrowings

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Federal Home Loan Bank, Advances [Text Block]

Note 10. FHLB Borrowings

The Company’s FHLB borrowings and weighted average interest rates are summarized below:

	March 31, 2023						December 31, 2022
	Amount			Rate			Amount			Rate
	(dollars in thousands)
By remaining period to maturity:
Less than 1 year	$	825,000			5.08	%	$	830,000			4.42	%
1 year through less than 2 years		-			-			-			-
2 years through less than 3 years		25,000			1.00			25,000			1.00
3 years through less than 4 years		2,050			2.23			2,050			2.23
4 years through 5 years		317			2.85			326			2.85
After 5 years		318			2.96			326			2.96
FHLB borrowings - gross		852,685			4.95	%		857,702			4.32	%
Fair value discount		(74	)					(80	)
Total FHLB borrowings	$	852,611					$	857,622

The FHLB borrowings are secured by pledges of certain collateral including, but not limited to, U.S. government and agency mortgage-backed securities and a blanket assignment of qualifying first lien mortgage loans, consisting of both residential mortgages and commercial real estate loans.

Advances are payable at stated maturity, with a prepayment penalty for fixed rate advances. All FHLB advances bear fixed rates. The advances as of March 31, 2023 were primarily collateralized by approximately $2.1 billion of commercial mortgage loans and securities, net of required over collateralization amounts, under a blanket lien arrangement. As of March 31, 2023 the Company had remaining borrowing capacity of approximately $0.7 billion at FHLB. As of April 2023, the Company increased its collateral for advances to $2.9 billion, net of required over collateralization amounts, and increased its remaining borrowing capacity of $1.5 billion at FHLB.