FEDERAL HOME LOAN BANK ADVANCES

3 Months Ended

Mar. 31, 2018

FEDERAL HOME LOAN BANK ADVANCES

FEDERAL HOME LOAN BANK ADVANCES

7.FEDERAL HOME LOAN BANK ADVANCES

At March 31, 2018 and December 31, 2017, FHLB advances were as follows:

(dollars in thousands)	March 31, 2018		December 31, 2017
Overnight advances	$	50,000	$	330,000
Variable interest rate advance indexed to 3-Month LIBOR plus 0.14%		10,000		10,000
Fixed interest rate advances		380,000		397,500
Total FHLB advances	$	440,000	$	737,500

Each FHLB advance is payable at its maturity date, with a prepayment penalty for fixed rate advances that are paid off earlier than maturity.  FHLB advances are collateralized by a blanket pledge of eligible real estate loans. At March 31, 2018 and December 31, 2017, Republic had available borrowing capacity of $641 million and $378 million, respectively, from the FHLB. In addition to its borrowing capacity with the FHLB, Republic also had unsecured lines of credit totaling $125 million and $125 million available through various other financial institutions as of March 31, 2018 and December 31, 2017.

Aggregate future principal payments on FHLB advances based on contractual maturity and the weighted average cost of such advances are detailed below:

			Weighted
			Average
Year (dollars in thousands)	Principal		Rate
2018 (Overnight)	$	50,000	1.72	%
2018 (Term)		110,000	1.65
2019		100,000	1.80
2020		120,000	1.81
2021		30,000	1.93
2022		20,000	2.12
2023		10,000	2.14
Thereafter		—	—
Total	$	440,000	1.79	%

Due to their nature, the Bank considers average balance information more meaningful than period-end balances for its overnight borrowings from the FHLB. Information regarding overnight FHLB advances follows:

(dollars in thousands)	March 31, 2018			December 31, 2017
Outstanding balance at end of period	$	50,000		$	330,000
Weighted average interest rate at end of period		1.72	%		1.42	%

	Three Months Ended
	March 31,
(dollars in thousands)	2018			2017
Average outstanding balance during the period	$	144,889		$	109,333
Average interest rate during the period		1.44	%		0.69	%
Maximum outstanding at any month end during the period	$	560,000		$	320,000

The following table illustrates real estate loans pledged to collateralize advances and letters of credit with the FHLB:

(in thousands)	March 31, 2018		December 31, 2017
First lien, single family residential real estate	$	1,121,052	$	1,123,402
Home equity lines of credit		317,751		320,649