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Federal Home Loan Bank Borrowings
 12 Months Ended
Dec. 31, 2017
FEDERAL HOME LOAN BANK BORROWINGS [Abstract]  
Federal Home Loan Bank Advances, Disclosure [Text Block]
FEDERAL HOME LOAN BANK BORROWINGS
The Bank is a member of the Federal Home Loan Bank (“FHLB”) of Boston. As a member of the FHLB of Boston, the Bank has access to short- and long-term borrowings. Borrowings from the FHLB are secured by the Bank’s stock investment in the FHLB and a blanket lien on “qualified collateral” defined principally as a percentage of the principal balance of certain types of mortgage loans. The stock investment cannot be used for additional borrowing collateral. The percentage of collateral valuation from the FHLB varies between 50% and 82% based on the underlying collateral. The Bank had loans pledged as collateral with a book value of $2.5 billion and $2.3 billion at December 31, 2017 and 2016, respectively. The Bank had borrowings outstanding of $693.7 million and $734.2 million at December 31, 2017 and 2016, respectively. Based on the collateral and the valuations applied, less the borrowings outstanding, the Bank had available credit with the FHLB of Boston of $1.2 billion and $0.9 billion at December 31, 2017 and 2016, respectively.
A summary of borrowings from the FHLBs is as follows:
 
December 31, 2017
Amount
 
Weighted
Average
Rate
(In thousands)
Within 1 year
$
529,720

 
1.55
%
Over 1 to 2 years
59,018

 
1.45
%
Over 2 to 3 years
54,365

 
2.89
%
Over 3 to 4 years
37,045

 
2.01
%
Over 4 to 5 years
3,985

 
1.93
%
Over 5 years
9,548

 
2.57
%
Total
$
693,681

 
1.69
%

As of December 31, 2017, the Company had no FHLB borrowings that were callable by the FHLB prior to maturity. As of December 31, 2016, the Company had $5.0 million of FHLB borrowings that were callable by the FHLB prior to maturity.
FHLB Stock
As a member of the FHLB, the Bank is required to own FHLB stock based on a percentage of outstanding advances in addition to a membership stock ownership requirement. For the borrowings with the FHLB of Boston, the Bank is required to own FHLB stock of at least 3.0% to 4.0% of outstanding advances depending on the terms of the advance. In addition, the Bank is required to have a minimum membership stock investment which is based on a percentage of certain assets as reported in the Bank’s FDIC Call Report. FHLB of Boston stock owned in excess of the minimum requirements can be redeemed at par upon request by a member.
As of December 31, 2017 and 2016, the Bank’s FHLB stock holdings totaled $46.1 million and $44.1 million. respectively. The Bank’s investment in FHLB stock is recorded at cost and is redeemable at par.