Note 12 - FHLB Advances and Other Borrowings

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Federal Home Loan Bank Advances, Disclosure [Text Block]

(12) FHLB Advances and Other Borrowings

FHLB advances outstanding at March 31, 2023 consist of a $175 million cash management advance with an overnight maturity and a $100 million three-month advance that matures in May 2023. FHLB advances outstanding at December 31, 2022 consisted entirely of a $50 million cash management advance that matured in early January 2023.

(dollars in thousands)	March 31, 2023			December 31, 2022
Outstanding balance at end of period	$	275,000		$	50,000
Weighted average interest rate at end of period		4.87	%		4.37	%

	Three months ended
	March 31,
(dollars in thousands)	2023			2022
Average outstanding balance during the period	$	163,056		$	-
Average interest rate during the period		4.31	%		-	%
Maximum outstanding at any month end
during the period	$	275,000		$	-

FHLB advances are collateralized by certain CRE and residential real estate mortgage loans under blanket mortgage collateral pledge agreements, as well as FHLB stock. Bancorp views these advances as an effective lower-costing alternative to brokered deposits to fund loan growth. At March 31, 2023 and December 31, 2022, the amount of available credit from the FHLB totaled $1.15 billion and $1.36 billion, respectively.

Bancorp also had unsecured available FFP lines with correspondent banks totaling $80 million at both March 31, 2023 and December 31, 2022, respectively.