FEDERAL HOME LOAN BANK ADVANCES

12 Months Ended

Dec. 31, 2017

NOTE 10 - FEDERAL HOME LOAN BANK ADVANCES

At year-end, advances from the Federal Home Loan Bank were as follows (in thousands):


	2017		2016
Short-Term Advances
Matures in January 2018 and has a fixed rate of 1.25%	$	8,400	$	—
Long-Term Advances
Maturities range from June 2018 through March 2030, fixed rates from 1.40% to 5.37%, averaging 1.82% in 2017 and 1.75% in 2016		90,332		92,500

Advances are paid either on a monthly basis or at maturity. All advances require a prepayment penalty, and are secured by the Federal Home Loan Bank stock and substantially all 1-4 family first-mortgage residential, multi-family and farm real estate loans under a blanket lien arrangement at December 31, 2017 and 2016 Based on this collateral and the Company’s holding of Federal Home Loan Bank stock, the Company is eligible to borrow up to an additional $69.2 million at December 31, 2017.

Scheduled principal payments due on advances during the years subsequent to December 31, 2017 are as follows

(in thousands):


2018	$	26,658
2019		14,594
2020		19,268
2021		7,395
2022		17,771
Thereafter		13,046
	$	98,732