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BORROWED FUNDS (Tables)
 12 Months Ended
Dec. 31, 2018
Borrowed Funds  
Schedule of breakdown of borrowed funds

The following table presents the breakdown of borrowed funds as of December 31, 2018 and 2017 (Dollars in thousands):

 

                               
       

FHLB Revolving Advances

(a)

  

Federal Funds Lines

(b)

  

FHLB Term Loans Short-Term

(c)

  

FHLB Term Loans Long-Term

(d)

  

NPB Capital Trust I

(e)

  

NPB Capital Trust 2

(e)

    Total
  Balance December 31, 2018   $                    -     $             3,630  $             2,000  $             5,000  $          11,341  $             5,155  $          27,126
   Highest balance at any month-end            12,000               3,630               2,000               7,000            11,341               5,155    
   Average weighted balance               2,367                  109               1,159               5,975            11,341               5,155            26,106
   Average interest rate:                            
     Paid during the year   2.19%   2.80%   1.43%   1.28%   4.96%   4.08%   3.53%
     At year-end   0.00%   3.28%   0.99%   1.34%   5.04%   4.21%   3.67%
                                 
                                 
  Balance December 31, 2017  $                    -     $                    -         $                558   $             7,000   $          11,341   $             5,155   $          24,054
   Highest balance at any month-end                      -                  1,227               6,200               8,717            11,341               5,155    
   Average weighted balance                      -                     253               1,981               7,358            11,341               5,155            26,088
   Average interest rate:                            
     Paid during the year   0.00%   2.10%   1.82%   1.50%   3.85%   3.01%   2.85%
     At year-end   0.00%   0.00%   4.07%   1.34%   3.96%   3.13%   3.02%
                               
                               
                                                             

 

(a) -The Bank has the ability to borrow up to an additional $115.6 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, 2018 or 2017.

 

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 deposited in the Bank. 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.

 

(b) - Federal funds lines consist of $20.0 million and $10.0 million in unsecured and secured federal funds line of credit facilities with correspondent banks as of December 31, 2018 and 2017, respectively, exclusive of any outstanding balance. At December 31, 2018 and 2017 $5 million of the available lines is secured by certain investment securities.

(c) - Short term FHLB advances at December 31, 2018 consisted of $2.0 million at a fixed rate of 0.99% due in 2019. At December 31, 2017 short-term advances consisted of two principal reducing borrowings totaling $558 thousand at an average fixed rate of 4.07% due in 2018.

 

(d) - Long-term FHLB advances at December 31, 2018 consisted of $5.0 million at a fixed rate of 1.38% due in 2021. At December 31, 2017 long term FHLB advances consisted of $2.0 million at a fixed rate of 0.99% due in 2019 and $5.0 million at a fixed rate of 1.38% due in 2021

 

(e)    TPS I -  On July 7, 2004, the Company completed the issuance of $11.3 million in floating rate trust preferred securities offered by its wholly owned subsidiary, NPB Capital Trust I (TPS I). The rate is determined quarterly and floats based on the 3 month LIBOR plus 260 bps.  

 

TPS 2 - On September 27, 2006, the Company completed the issuance of $5.2 million in floating rate trust preferred securities offered by its wholly owned subsidiary, NPB Capital Trust 2 (TPS 2). The rate is determined quarterly and floats based on the 3 month LIBOR plus 177 bps.
Schedule of maturities of borrowed funds

Following are maturities of borrowed funds at December 31, 2018 (dollars in thousands): 

 

 2019

      $         5,630
  2020       5,000
  2021                    -   
  2022                    -   
  2023                    -   
  2024 and thereafter       16,496
         $       27,126