Federal Home Loan Bank Advances

3 Months Ended

Mar. 31, 2015

(5)Federal Home Loan Bank Advances

Bancorp had outstanding borrowings of $36.7 million and $36.8 million at March 31, 2015 and December 31, 2014, respectively, via ten separate fixed-rate advances. For two advances totaling $30 million, both of which are non-callable, interest payments are due monthly, with principal due at maturity. For the remaining advances totaling $6.7 million, principal and interest payments are due monthly based on an amortization schedule.

The following is a summary of the contractual maturities and average effective rates of outstanding advances:

	March 31, 2015				December 31, 2014
(In thousands)	Advance		Rate		Advance		Rate
2015	$	30,000	2.30	%	$	30,000	2.30	%
2020	1,873		2.23	%	1,885		2.23	%
2021	480		2.12	%	497		2.12	%
2024	3,015		2.40	%	3,064		2.36	%
2028	1,376		1.47	%	1,386		1.47	%

	$	36,744	2.27	%	$	36,832	2.27	%

Advances from the FHLB are collateralized by certain commercial and residential real estate mortgage loans totaling $599.3 million under a blanket mortgage collateral agreement and FHLB stock. Bancorp views the borrowings as an effective alternative to higher cost time deposits to fund loan growth. At March 31, 2015, the amount of available credit from the FHLB totaled $399.7 million.

- Definition

The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances.

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