Note 8.

Borrowings

The Company uses both short-term and long-term borrowings to supplement deposits when they are available at a lower overall cost to the Company or they can be invested at a positive rate of return.

As a member of the Federal Home Loan Bank of Atlanta, the Bank is required to own capital stock in the FHLB and is authorized to apply for advances from the FHLB. The Company held $512,000 in FHLB stock at December 31, 2016 and $685,000 at December 31, 2015 which is held at cost and included in other assets. Each FHLB credit program has its own interest rate, which may be fixed or variable, and range of maturities. The FHLB may prescribe the acceptable uses to which the advances may be put, as well as on the size of the advances and repayment provisions. The FHLB borrowings are secured by the pledge of commercial and 1-4 family residential loans. The Company had FHLB advances of approximately $2,400,000 at December 31, 2016 maturing through 2018. At December 31, 2015, approximately $6,000,000 of advances was outstanding.

The Company had advances from the FHLB for the periods indicated that consisted of the following (in thousands):

Year Ended December 31, 2016

	Maturity	Interest		Advance
Type	Date	Rate		Amount

Fixed Rate	06/01/2017	1.06	%	$	800
Fixed Rate	12/01/2017	1.27	%		800
Fixed Rate	06/01/2018	1.48	%		800

				$	2,400

Year Ended December 31, 2015

	Maturity	Interest		Advance
Type	Date	Rate		Amount

Fixed Rate	02/25/2016	2.65	%	$	1,000
Fixed Rate	04/11/2016	2.71	%		1,000
Fixed Rate	06/01/2016	0.56	%		800
Fixed Rate	12/01/2016	0.81	%		800
Fixed Rate	06/01/2017	1.06	%		800
Fixed Rate	12/01/2017	1.27	%		800
Fixed Rate	06/01/2018	1.48	%		800

				$	6,000

The Company uses federal funds purchased and repurchase agreements for short-term borrowing needs. Securities sold under agreements to repurchase are classified as borrowings and generally mature within one to four days from the transaction date. Securities sold under agreements to repurchase are reflected at the amount of cash received in connection with the transaction. The Company may be required to provide additional collateral based on the fair value of the underlying securities. The carrying value of these repurchase agreements was $81,000 and $508,000 at December 31, 2016 and 2015, respectively.

Information related to borrowings as of December 31, 2016 and 2015 is as follows (dollars in thousands):

	Year Ended December 31,
	2016			2015			2014

Maximum outstanding during the year
FHLB advances	$	12,200		$	14,000		$	18,000
Balance outstanding at end of year
FHLB advances		2,400			6,000			14,000
Average amount outstanding during the year
FHLB advances		5,161			9,027			15,468
Average interest rate during the year
FHLB advances		1.09	%		1.88	%		2.16	%
Average interest rate at end of year
FHLB advances		1.46	%		1.58	%		2.07	%