FEDERAL HOME LOAN BANK ADVANCES

12 Months Ended

Dec. 31, 2019

FEDERAL HOME LOAN BANK ADVANCES

FEDERAL HOME LOAN BANK ADVANCES

11.FEDERAL HOME LOAN BANK ADVANCES

At December 31, 2019 and 2018, FHLB advances were as follows:

December 31,  (dollars in thousands)	2019		2018
Overnight advances	$	200,000	$	510,000
Variable interest rate advance indexed to 3-Month LIBOR plus 0.14%		10,000		10,000
Fixed interest rate advances		540,000		290,000
Total FHLB advances	$	750,000	$	810,000

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, 2019 and 2018, Republic had available borrowing capacity of $259  million and $254 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 December 31, 2019 and 2018.  

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
2020 (Overnight)	$	200,000	1.63	%
2020 (Term)		480,000	1.71
2021		30,000	1.93
2022		20,000	2.12
2023		20,000	2.56
2024		—	—
Thereafter		—	—
Total	$	750,000	1.73	%

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:

December 31,  (dollars in thousands)	2019			2018
Outstanding balance at end of period	$	200,000		$	510,000
Weighted average interest rate at end of period		1.63	%		2.45	%

Years Ended December 31,  (dollars in thousands)	2019			2018			2017
Average outstanding balance during the period	$	270,992		$	202,830		$	141,918
Average interest rate during the period		2.43	%		1.98	%		1.09	%
Maximum outstanding at any month end during the period	$	785,000		$	560,000		$	625,000

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

December 31,  (in thousands)	2019		2018
First lien, single family residential real estate	$	1,099,941	$	1,129,588
Home equity lines of credit		274,990		311,419