FEDERAL HOME LOAN BANK ADVANCES

6 Months Ended

Jun. 30, 2017

8. FEDERAL HOME LOAN BANK ADVANCES

At June 30, 2017 and December 31, 2016, FHLB advances were as follows:


(dollars in thousands)	June 30, 2017		December 31, 2016

Overnight advances	$	625,000	$	285,000
Variable interest rate advance indexed to 3-Month LIBOR plus 0.14% due in December 2017		10,000		10,000
Fixed interest rate advances		367,500		457,500
Putable fixed interest rate advances		—		50,000
Total FHLB advances	$	1,002,500	$	802,500

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 June 30, 2017 and December 31, 2016, Republic had available borrowing capacity of $96 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 $150 million available through various other financial institutions as of June 30, 2017 and December 31, 2016.

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

2017 (Overnight)	$	625,000	1.17	%
2017 (Term)		40,000	1.36
2018		117,500	1.53
2019		100,000	1.80
2020		90,000	1.81
2021		20,000	1.86
2022		—	—
Thereafter		10,000	2.14
Total	$	1,002,500	1.36

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)	June 30, 2017			December 31, 2016

Outstanding balance at end of period	$	625,000		$	285,000
Weighted average interest rate at end of period		1.17	%		0.64	%


	Three Months Ended						Six Months Ended
	June 30,						June 30,
(dollars in thousands)	2017			2016			2017			2016

Average outstanding balance during the period	$	114,121		$	128,846		$	111,740		$	68,352
Average interest rate during the period		1.06	%		0.40	%		0.88	%		0.40	%
Maximum outstanding at any month end during the period	$	625,000		$	495,000		$	625,000		$	495,000

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


(in thousands)	June 30, 2017		December 31, 2016

First lien, single family residential real estate	$	1,136,031	$	1,172,161
Home equity lines of credit		310,459		300,681
Multi-family commercial real estate		—		14,913