FEDERAL HOME LOAN BANK ADVANCES

12 Months Ended

Dec. 31, 2015

FEDERAL HOME LOAN BANK ADVANCES

FEDERAL HOME LOAN BANK ADVANCES

12.FEDERAL HOME LOAN BANK ADVANCES

At December 31, 2015 and 2014, FHLB advances were as follows:

December 31,  (in thousands)	2015		2014
Overnight advances	$	150,000	$	198,000
Variable interest rate advance indexed to 3-Month LIBOR plus 0.14% due on December 20, 2016		10,000		10,000
Fixed interest rate advances with a weighted average interest rate of 1.68% due through 2023		439,500		399,500
Putable fixed interest rate advances with a weighted average interest rate of 4.39% due through 2017(1)		100,000		100,000
Total FHLB advances	$	699,500	$	707,500

(1)  Represents putable advances with the FHLB. These advances have original fixed rate periods ranging from one to five years with original maturities ranging from three to ten years if not put back to the Bank earlier by the FHLB. At the end of their respective fixed rate periods and on a quarterly basis thereafter, the FHLB has the right to require payoff of the advances by the Bank at no penalty.

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 December 31, 2015 and 2014, Republic had available collateral to borrow an additional $567 million and $452 million, respectively, from the FHLB. In addition to its borrowing line with the FHLB, Republic also had unsecured lines of credit totaling $170 million available through various other financial institutions as of December 31, 2015 and 2014.

Aggregate future principal payments on FHLB advances, based on contractual maturity dates are detailed below:

			Weighted
			Average
Year (dollars in thousands)			Rate
2016 (Overnight)	$	150,000	0.35	%
2016		92,000	1.64	%
2017		145,000	3.44	%
2018		117,500	1.53	%
2019		100,000	1.80	%
2020		65,000	1.78	%
2021		20,000	1.86	%
Thereafter		10,000	2.14	%
Total	$	699,500	1.77	%

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 short-term overnight FHLB advances follows:

December 31,  (dollars in thousands)	2015			2014
Outstanding balance at end of year	$	150,000		$	198,000
Weighted average interest rate at end of year		0.35	%		0.14	%
Years Ended December 31,  (dollars in thousands)	2015			2014			2013
Average outstanding balance during the year	$	63,327		$	15,756		$	—
Average interest rate during the year		0.17	%		0.20	%		—	%
Maximum outstanding at any month end during the year	$	387,000		$	198,000		$	—

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

December 31,  (dollars in thousands)	2015		2014
First lien, single family residential real estate	$	1,346,663	$	1,333,811
Home equity lines of credit		272,863		103,064
Multi-family commercial real estate		10,227		12,682