FHLB Advances

12 Months Ended

Dec. 31, 2018

NOTE 8 — FHLB Advances

A summary of FHLB advances follows:

	As of December 31,
	2018				2017
	Rate		Amount		Rate		Amount
			(dollars in thousands)
Open line of credit		2.61%	$	5,350		0.88%	$	10,000
Fixed rate, fixed term advances		1.13% - 1.50%		24,000		1.13% - 1.50%		24,000
Advance structured note, payments due monthly, maturing February 2030		7.47%		660		7.47%		693
Total			$	30,010			$	34,693

A summary of the scheduled maturities of FHLB advances follows:

	December 31, 2018
	Weighted Average Rate			Amount
2019		1.58	%	$	22,386
2020		7.47	%		39
2021		1.45	%		7,042
2022		7.47	%		46
2023		7.47	%		49
Thereafter		7.47	%		448
Total				$	30,010

Actual maturities may differ from the scheduled principal maturities due to call options on the various advances.

The Bank has a master contract agreement with the FHLB that provides for borrowing up to the lesser of 22.22 times the FHLB stock owned, a determined percentage of the book value of the Bank’s qualifying real estate loans, or a determined percentage of the Bank’s assets. The FHLB provides both fixed and floating rate advances. Floating rates are tied to short-term market rates of interest such as London InterBank Offered Rate (LIBOR), federal funds, or Treasury bill rates. FHLB advances are subject to a prepayment penalty if they are repaid prior to maturity. The Bank has pledged approximately $151,708 at December 31, 2018, and $137,357 at December 31, 2017 of qualifying loans. FHLB advances are also secured by $1,261 at December 31, 2018 and $1,436 at December 31, 2017 of FHLB stock owned by the Bank. At December 31, 2018 and 2017, the Bank’s available and unused portion of this borrowing agreement totaled $800 and $0, respectively.