Federal Home Loan Bank Advances

9 Months Ended

Sep. 30, 2018

Federal Home Loan Banks [Abstract]

Federal Home Loan Bank Advances

NOTE 4 – FEDERAL HOME LOAN BANK ADVANCES

The Company had outstanding borrowings totaling of $125.0 million and $70.0 million at September 30, 2018 and December 31, 2017, respectively, via various 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):

	September 30, 2018					December 31, 2017
Year	Amount		Interest Rates			Amount		Interest Rates
2018	$	115,000		2.18	%	$	70,000		1.66	%
2019		10,000		2.45			—		—
2020		—		—			—		—
2021		—		—			—		—
2022		—		—			—		—
Thereafter		—		—			—		—
Total	$	125,000		2.21	%	$	70,000		1.66	%

Advances from the FHLB are collateralized by investment securities with a market value of $3.9 million, FHLB stock and certain commercial and residential real estate mortgage loans totaling $420.6 million under a blanket mortgage collateral agreement.  At September 30, 2018, the amount of available credit from the FHLB totaled $59.4 million.