FEDERAL HOME LOAN BANK ADVANCES

9 Months Ended

Sep. 30, 2022

FEDERAL HOME LOAN BANK ADVANCES

FEDERAL HOME LOAN BANK ADVANCES

8. FEDERAL HOME LOAN BANK ADVANCES

FHLB advances were as follows:

(in thousands)	September 30, 2022		December 31, 2021
Overnight advances	$	—	$	25,000
Fixed interest rate advances		20,000		—
Total FHLB advances	$	20,000	$	25,000

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. As of September 30, 2022 and December 31, 2021, Republic had available borrowing capacity of $940 million and $900 million, respectively, from the FHLB. In addition to its borrowing capacity with the FHLB, Republic also had unsecured lines of credit totaling $125 million available through various other financial institutions as of September 30, 2022 and December 31, 2021.

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	$	—	—	%
2023		—	—
2024		—	—
2025		—	—
2026		—	—
2027		20,000	1.89
Total	$	20,000	1.89	%

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:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(dollars in thousands)	2022			2021			2022			2021
Average outstanding balance during the period	$	—		$	25,000		$	5,641		$	30,037
Average interest rate during the period		—	%		0.10	%		0.15	%		0.15	%
Maximum outstanding at any month end during the period	$	—		$	25,000		$	25,000		$	25,000

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

(in thousands)	September 30, 2022		December 31, 2021
First lien, single family residential real estate	$	1,070,626	$	1,041,461
Home equity lines of credit		207,824		186,396