Borrowed Funds and Debt Obligations

9 Months Ended

Sep. 30, 2016

The scheduled maturities of advances from the FHLB at September 30, 2016 and December 31, 2015 are as follows:



	September 30, 2016				December 31, 2015
Year	Average Interest Rate		Amount		Average Interest Rate		Amount

2016	—	%	—		0.70	%	60,000
2017	1.14		11,000		1.14		11,000
2018	0.48		49,000		3.64		5,000
2019	1.41		10,000		—		—
2020	—		—		—		—
Thereafter	2.46		5,000		—		—
	0.83		$	75,000	0.96		$	76,000

At September 30, 2016 and December 31, 2015 no FHLB advances had any call provisions. The Company had two variable rate advances at September 30, 2016, both at 0.25%, and none at year-end 2015. The remaining advances are at fixed rates ranging from 1.06% to 2.46% at September 30, 2016 and 0.21% to 3.64% at year-end 2015.

In connection with the Company completing a $76.0 million recapitalization event on March 31, 2015, a settlement of obligations involving a financial institution was reached in which the Company recognized a gain of $1.8 million representing the difference between the fair value of the consideration issued in the settlement transaction and the carrying value of the amounts due to a financial institution. As a result, the gain has been included as ‘‘gain on extinguishment of debt’’ within income from continuing operations in the accompanying Consolidated Statements of Income for the period ended March 31, 2015 and year ended December 31, 2015. See Note 1 for additional disclosure related to the recapitalization event.

As of September 30, 2016 and December 31, 2015, the Company had no outstanding loan agreements.