Federal Home Loan Bank Advances

3 Months Ended

Mar. 31, 2017

Federal Home Loan Banks [Abstract]

Federal Home Loan Bank Advances

NOTE 4 – FEDERAL HOME LOAN BANK ADVANCES

The Company had outstanding borrowings totaling of $75.0 million and $55.0 million at March 31, 2017 and December 31, 2016, respectively, via two separate advances. These advances are non-callable; interest payments are due monthly, with principal due at maturity.

The following is a summary of the contractual maturities and average effective rates of outstanding advances (dollars in thousands):

	March 31, 2017					December 31, 2016
Year	Amount		Interest Rates			Amount		Interest Rates
2017	$	75,000		0.96	%	$	55,000		0.80	%
2018		—		—			—		—
2019		—		—			—		—
2020		—		—			—		—
2021		—		—			—		—
Thereafter		—		—			—		—
Total	$	75,000		0.96	%	$	55,000		0.80	%

Advances from the FHLB are collateralized by investment securities, FHLB stock and certain commercial and residential real estate mortgage loans totaling $400.2 million under a blanket mortgage collateral agreement.  At March 31, 2017, the amount of available credit from the FHLB totaled $91.2 million.