Federal Home Loan Bank (FHLB) Advances and Other Short-Term Borrowings

12 Months Ended

Dec. 31, 2017

Federal Home Loan Bank Advances And Other Borrowings [Abstract]

Federal Home Loan Bank (FHLB) Advances and Other Short-Term Borrowings

NOTE 6 - FEDERAL HOME LOAN BANK (FHLB) ADVANCES AND OTHER SHORT-TERM BORROWINGS

The following is a summary of FHLB advances and other short-term borrowings:

				(Amounts in thousands)
				December 31,
	Weighted Average Interest Rate			2017		2016
FHLB advances - long-term:
Fixed rate payable and convertible fixed rate FHLB advances, with    monthly interest payments:
Due in 2017				$	—	$	15,500
Due in 2018		1.22	%		4,000		2,000
Due in 2019		1.60	%		6,000		—
Due in 2020		1.70	%		4,000		—
Total FHLB advances - long-term		1.51	%		14,000		17,500
FHLB advances - short-term:
Short-term		1.29	%		12,000		6,000
Cash management		1.44	%		20,000		17,000
Total FHLB advances - short-term		1.38	%		32,000		23,000
Total FHLB advances		1.42	%		46,000		40,500
Other short-term borrowings:
Securities sold under repurchase agreements		0.34	%		2,678		2,702
Total FHLB advances and other short-term borrowings		1.36	%	$	48,678	$	43,202

The following is a summary of FHLB advances – short term:

	(Amounts in thousands)
	2017			2016			2015
Average balance during the year	$	16,917		$	13,550		$	14,674
Average interest rate during the year		1.03	%		0.54	%		0.27	%
Maximum month-end balance during the year	$	32,000		$	23,000		$	23,500
Weighted average interest rate at year end		1.38	%		0.59	%		0.37	%

At December 31, 2017, FHLB advances were collateralized by FHLB stock owned by the Bank with a carrying value of $2.4 million, a blanket lien against the Bank’s qualified mortgage loan portfolio of $64.7 million, $19.8 million in mortgage-backed securities and $9.7 million in U.S. Government-guaranteed small business administration pools. In comparison, in the prior year FHLB advances were collateralized by FHLB stock owned by the Bank with a carrying value of $2.4 million, a blanket lien against the Bank’s qualified mortgage loan portfolio of $61.2 million, $16.1 million in mortgage-backed securities and $11.9 million in U.S. Government-guaranteed small business administration pools. Maximum borrowing capacities from FHLB totaled $57.0 million and $56.3 million at December 31, 2017 and 2016, respectively.

At December 31, 2017 and 2016, there were $0 and $11.5 million FHLB fixed rate advances that were putable on or after certain specified dates at the option of the FHLB.

The following is a summary of other short-term borrowings:

	(Amounts in thousands)
	2017			2016			2015
Average balance during the year	$	2,018		$	2,249		$	4,082
Average interest rate during the year		0.33	%		0.31	%		0.10	%
Maximum month-end balance during the year	$	2,678		$	3,608		$	7,541
Weighted average interest rate at year end		0.34	%		0.33	%		0.11	%

Securities sold under repurchase agreements represent arrangements the Bank has entered into with certain deposit customers within its local market areas. These borrowings are collateralized with securities. At December 31, 2017 and 2016, securities allocated for this purpose, owned by the Bank and held in safekeeping accounts at independent correspondent banks, amounted to $3.4 million and $2.9 million, respectively.

The following table provides additional detail regarding other short-term borrowings:

	(Amounts in thousands)
	Repurchase Agreements (Sweep)
	Accounted for as Secured Borrowings
	At December 31, 2017		At December 31, 2016
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Overnight and Continuous
Repurchase agreements:
U.S. Government-sponsored mortgage-backed securities	$	3,414	$	2,898
U.S. Government-sponsored collateralized mortgage obligations		—		—
Total collateral carrying value	$	3,414	$	2,898
Total short-term borrowings	$	2,678	$	2,702