FEDERAL HOME LOAN BANK ADVANCES

12 Months Ended

Dec. 31, 2021

FEDERAL HOME LOAN BANK ADVANCES

FEDERAL HOME LOAN BANK ADVANCES

11. FEDERAL HOME LOAN BANK ADVANCES

As of December 31, 2021 and 2020, FHLB advances were as follows:

December 31, (in thousands)	2021		2020
Overnight advances	$	25,000	$	225,000
Fixed interest rate advances		—		10,000
Total FHLB advances	$	25,000	$	235,000

The Company incurred $2.1 million early termination penalties on the payoff of $60 million in FHLB advances during 2020, with no similar penalty incurred in 2021 or 2019.

FHLB advances are collateralized by a blanket pledge of eligible real estate loans. As of December 31, 2021 and 2020, Republic had available borrowing capacity of $900 million and $683 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, 2021 and 2020.

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
2022	$	25,000	0.14	%
2023		—	—
2024		—	—
2025		—	—
2026		—	—
Total	$	25,000	0.14	%

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)	2021			2020
Outstanding balance at end of period	$	25,000		$	225,000
Weighted average interest rate at end of period		0.14	%		0.16	%

Years Ended December 31,  (dollars in thousands)	2021			2020			2019
Average outstanding balance during the period	$	28,767		$	25,546		$	270,992
Average interest rate during the period		0.15	%		0.81	%		2.43	%
Maximum outstanding at any month end during the period	$	25,000		$	250,000		$	785,000

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

December 31,  (in thousands)	2021		2020
First lien, single family residential real estate	$	1,041,461	$	1,048,236
Home equity lines of credit		186,396		208,944