FEDERAL HOME LOAN BANK ADVANCES

12 Months Ended

Dec. 31, 2016

FEDERAL HOME LOAN BANK ADVANCES.

FEDERAL HOME LOAN BANK ADVANCES

9.FEDERAL HOME LOAN BANK ADVANCES

All FHLB of Boston advances are secured by a blanket security agreement on qualified collateral, consisting principally of first mortgage loans on owner-occupied residential property in the amount of $76,904,000 and $74,277,000 at December 31, 2016 and 2015, respectively; commercial real estate loans in the amount of $23,959,000 and  $24,914,000 at December 31, 2016 and 2015, respectively; and mortgage-backed securities with a fair value of $19,308,000 and $16,590,000 at December 31, 2016 and 2015, respectively.

Short-term FHLB advances

Short-term FHLB advances consist of advances with an original term of nine months or less at a weighted average rate of 0.73% and 0.44% at December 31, 2016 and 2015, respectively.

The Bank also has a $2,000,000 line-of-credit with the FHLB.  There were no amounts outstanding at December 31, 2016 and 2015.

Long-term FHLB advances

Long-term, fixed-rate FHLB advances and maturities are as follows:

	At December 31,
	2016				2015
			Weighted				Weighted
			Average				Average
	Amount		Rate		Amount		Rate
	(Dollars in thousands)
Within one year	$	8,500	1.94	%	$	5,500	1.88	%
Greater than one year to two years		10,100	2.14	%		7,500	2.08	%
Greater than two years to three years		4,500	1.90	%		8,600	2.32	%
Greater than three years to four years		1,500	1.75	%		4,000	1.99	%
Greater than four years to five years		—	—	%		1,500	1.75	%
Total long-term FHLB advances	$	24,600	2.00	%	$	27,100	2.09	%