Federal Home Loan Bank Advances and Short-Term Borrowings

Short-term borrowings include securities sold under agreements to repurchase, cash received from counterparties as collateral for mark-to-market exposure on interest rate swaps, and advances from the Federal Home Loan Bank (“FHLB”) .

The Bank has securities sold under agreements to repurchase with customers. These overnight agreements are collateralized by investment securities of the United States Government or its agencies which are chosen by the Bank. The amounts outstanding at March 31, 2017 and December 31, 2016 were $20.4 million and $18.0 million, respectively, and were collateralized by $27.0 million and $27.6 million, respectively, of agency mortgage-backed securities.

The Bank has $0.7 million and $1.2 million of short term borrowings related to cash received from counterparties as collateral for mark-to-market exposure on interest rate swaps at March 31, 2017 and December 31, 2016, respectively.

The Bank invests in FHLB stock for the purpose of establishing credit lines with the FHLB. The credit availability to the Bank is based on a percentage of the Bank’s total assets as reported on the most recent quarterly financial information submitted to the regulators subject to the pledging of sufficient collateral. The Bank’s collateral with the FHLB consists of a blanket floating lien pledge of the Bank’s residential 1-4 family mortgage, multifamily, home equity line of credit and commercial real estate secured loans. The amounts of eligible collateral at March 31, 2017 and December 31, 2016 provided for incremental borrowing availability of up to $552.7 million and $415.9 million, respectively.

At March 31, 2017 and December 31, 2016, the Bank had $15.3 million and $15.4 million in letters of credit issued by the FHLB respectively, of which $15.0 million and $15.2 million are used as collateral for public funds deposits in lieu of pledging securities to the State of Florida, respectively.

The FHLB advances as of March 31, 2017 and December 31, 2016 consisted of the following:



(Dollars in thousands)

Contractual Outstanding Amount
March 31, 2017		Maturity Date	Interest Rate as of March 31, 2017
$	50,000	May 19, 2017	1.07%
230		November 6, 2017	0.50%
50,000		November 20, 2017	0.87%	(1 Month FRC + 2 bps)*
50,000		November 23, 2018	0.91%	(1 Month FRC + 2 bps)*
50,000		December 31, 2019	0.92%	(1 Month FRC + 2 bps)*
60,000		May 28, 2020	0.92%	(1 Month FRC + 2 bps)*
80,000		September 20, 2021	0.93%	(1 Month FRC + 8 bps)*
75,000		September 29, 2021	0.98%	(1 Month FRC + 8 bps)*
75,000		January 20, 2022	0.93%	(1 Month FRC + 8 bps)*
420		February 10, 2026	—%
$	490,650



(Dollars in thousands)

Contractual Outstanding Amount
December 31, 2016		Maturity Date	Interest Rate as of December 31, 2016
$	25,000	January 20, 2017	0.63%
155,000		May 19, 2017	0.80%
271		November 6, 2017	0.50%
50,000		November 20, 2017	0.65%	(1 Month FRC + 2 bps)*
50,000		November 23, 2018	0.66%	(1 Month FRC + 2 bps)*
50,000		December 31, 2019	0.64%	(1 Month FRC + 2 bps)*
60,000		May 28, 2020	0.63%	(1 Month FRC + 2 bps)*
80,000		September 20, 2021	0.71%	(1 Month FRC + 8 bps)*
75,000		September 29, 2021	0.71%	(1 Month FRC + 8 bps)*
430		February 10, 2026	—%
$	545,701

(*) FRC = FHLB Fixed Rate Credit interest rate.