Federal Home Loan Bank Advances

12 Months Ended

Dec. 31, 2014

Note 10—Federal Home Loan Bank Advances

At year-end, advances from the Federal Home Loan Bank were as follows:

	Amount
	(In thousands)
December 31, 2014
Maturities January 2015 to February 2019, fixed rates at rates from 0.27% to 3.95%, averaging 2.31%	$	86,000


December 31, 2013
Maturities October 2014 to December 2017, fixed rates at rates from 0.54% to 4.70%, averaging 2.49%	$	79,500

Each advance is payable at its maturity date, with a prepayment penalty for fixed rate advances. The advances were collateralized by $193.6 million of first mortgage loans at year-end 2014 and $159.6 million of first mortgage loans and $8.1 million of residential mortgage-backed securities at year-end 2013 under a blanket lien arrangement. Based on this collateral, the Company's holdings of FHLB stock and a general borrowing limit of $100.0 million, the Company is eligible to borrow up to an additional $14.0 million at year-end 2014.

Required payments over the next five years are as follows:

	Amount
	(In thousands)
2015	$	35,000
2016		7,000
2017		36,000
2018		—
2019		8,000

	$	86,000

- 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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