FEDERAL HOME LOAN BANK ADVANCES

6 Months Ended

Jun. 30, 2024

FEDERAL HOME LOAN BANK ADVANCES

FEDERAL HOME LOAN BANK ADVANCES

8. FEDERAL HOME LOAN BANK ADVANCES

FHLB advances were as follows:

(in thousands)	June 30, 2024		December 31, 2023
Overnight advances	$	—	$	110,000
Fixed interest rate advances		370,000		270,000
Total FHLB advances	$	370,000	$	380,000

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 June 30, 2024 and December 31, 2023, Republic had available borrowing capacity of $848 million and $730 million, respectively, from the FHLB. In addition to its borrowing capacity with the FHLB, Republic also had unsecured lines of credit totaling $100 million available through various other financial institutions as of June 30, 2024 and December 31, 2023.

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
2024	$	—	—	%
2025		100,000	5.54
2026		30,000	4.82
2027		80,000	4.01
2028		160,000	4.39
Total	$	370,000	4.65	%

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						Six Months Ended
	June 30,						June 30,
(dollars in thousands)	2024			2023			2024			2023
Average outstanding balance during the period	$	4,835		$	226,659		$	135,522		$	226,006
Weighted average interest rate during the period		5.47	%		5.20	%		5.44	%		4.82	%
Maximum outstanding at any month end during the period	$	—		$	450,000		$	760,000		$	450,000

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

(in thousands)	June 30, 2024		December 31, 2023
First-lien, single family residential real estate	$	1,230,138	$	1,345,752
Home equity lines of credit		283,604		266,389
Multi-family commercial real estate		107,661		133,565
Commercial real estate		322,870		—