AVAILABLE LINES OF CREDIT AND FEDERAL HOME LOAN BANK ADVANCES

12 Months Ended

Dec. 31, 2017

Banking and Thrift [Abstract]

AVAILABLE LINES OF CREDIT AND FEDERAL HOME LOAN BANK ADVANCES

NOTE 18 AVAILABLE LINES OF CREDIT AND FEDERAL HOME LOAN BANK ADVANCES

The following table presents the Bank’s Federal Home Loan Bank (“FHLB”) advances:

		December 31,
(Dollars in thousands)		2017		2016
Advances from FHLB – short-term	$	558	$	5,000
Advances from FHLB – long-term		7,000		8,758
Total Advances from FHLB	$	7,558	$	13,758

Additional information on the Bank’s short-term FHLB advances:

		Years Ended December 31,
(Dollars in thousands)		2017		2016
Maximum outstanding at any month-end during the year	$	6,200	$	10,000
Average outstanding balance		1,981		2,477
Average interest rate for the year		1.82%		0.46%
Average interest rate at year end		4.07%		0.69%

The Bank has the ability to borrow up to an additional $122.5 million from the FHLB under a line of credit which is secured by a blanket lien on residential real estate loans. The Bank had no overnight borrowings subject to daily rate changes from the Federal Home Loan Bank at December 31, 2017 or 2016.

At December 31, 2017 long-term FHLB advances consisted of $2.0 million at a rate of 0.99% due in 2019 and $5.0 million at a rate of 1.38% due in 2021. At December 31, 2016 long-term FHLB advances consisted of $708 thousand at a rate of 4.10% due in 2018, $1.05 million at a rate of 4.045% due in 2018, $2.0 million at a rate of .99% due in 2019 and $5.0 million at a rate of 1.38% due in 2021. Each of these borrowings is at fixed interest rates.

We have used our line of credit with FHLB to issue letters of credit totaling $17.0 million to the Treasury Board of Virginia for collateral on public funds. No draws on the letters of credit have been issued. The letters of credit are considered draws on our Federal Home Loan Bank line of credit.

We also had the ability to borrow $10.0 million in unsecured federal funds line of credit facilities with correspondent banks as of December 31, 2017 and 2016, respectively. As of December 31, 2017 and 2016, no balances were outstanding on these unsecured federal funds line of credit facilities. Additional information on unsecured federal funds line of credit facilities is as follows:

		Years Ended December 31,
(Dollars in thousands)		2017		2016
Maximum outstanding at any month-end during the year	$	1,227	$	-
Average outstanding balance		253		117
Average interest rate for the year		2.10%		1.36%
Average interest rate at year end		-%		-%