Long-Term Debt

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Long-Term Debt

8. LONG-TERM DEBT

Long-term debt at December 31, 2017 and 2016, consisted of the following:

	2017		2016
Advance from FHLB with a 3.39% fixed rate of interest maturing August 20, 2018  (convertible to a variable rate at quarterly options of FHLB – no conversion option has been made).	$	0	$	5,000,000
Advance from FHLB with a 2.78% fixed rate of interest maturing September 10, 2018  (convertible to a variable rate at quarterly options of FHLB – no conversion option has been made).		0		5,000,000
Advance from FHLB with 1.43% fixed rate of interest with annual installment payments maturing September 4, 2018.		0		1,800,000
Advance from FHLB with 1.25% fixed rate of interest with annual installment payments maturing September 30, 2020.		3,200,000		4,800,000
Advance from FHLB with 1.94% fixed rate of interest with annual installment payments maturing December 16, 2022.		3,428,571		4,285,714
Advance from FHLB with 1.42% fixed rate of interest with annual installment payments maturing August 30, 2023.		4,285,715		5,142,857
Advance from FHLB with a 1.53% fixed rate of interest maturing January 10, 2019.		1,500,000		0
Advance from FHLB with a 1.60% fixed rate of interest maturing July 10, 2019.		1,500,000		0
Advance from FHLB with a 1.80% fixed rate of interest maturing July 10, 2020.		2,000,000		0
Advance from FHLB with a 1.93% fixed rate of interest with annual installment payments maturing September 28, 2022.		8,000,000		0
Advance from FHLB with a 2.34% fixed rate of interest with annual installment payments maturing December 5, 2024.		5,142,857		0
Total long-term debt	$	29,057,143	$	26,028,571

The advances from FHLB are collateralized by the pledging of a combination of 1-4 family residential mortgages and multifamily loans. At December 31, 2017, 1-4 family residential mortgage loans and multifamily loans with a lendable collateral value of $58,684,267 were pledged to secure these advances. In 2016, the advances were secured by 1-4 family residential mortgage loans and multifamily loans with a lendable collateral value of $57,611,388. The amount of FHLB Stock held is based on membership and level of FHLB advances. At year end 2017 and 2016, the amount of stock held that is based on membership was $403,000 and $372,500, respectively, and the amount of stock held that is based on the level of FHLB advances was $2,035,200 and $1,501,700, respectively. At December 31, 2017, the Corporation had approximately $79,200,000 of unused lines of credit with the FHLB.

The following are maturities of long-term debt for the next five years. At December 31, 2017, there was no floating rate long-term debt.

Due in:		Fixed Rate Amount
	2018	$	0
	2019		9,171,428
	2020		8,171,429
	2021		4,571,429
	2022		4,571,429
	Later years		2,571,428
	Total long-term debt	$	29,057,143