Federal Home Loan Bank Advances

12 Months Ended

Dec. 31, 2016

Note 7 – Federal Home Loan Bank Advances

The following table summarizes information relating to FHLB advances at or for the periods indicated.

	At or For the Year Ended
	2016			2015
	(Dollars in thousands)
FHLB Advances:
Average balance outstanding during the year	$	71,940		$	80,875
Maximum amount outstanding at any month-end during the year	$	85,000		$	84,500
Balance outstanding at end of year	$	85,000		$	72,000
Weighted average interest rate at end of year		1.94	%		2.15	%
Average cost of advances during the year		2.13	%		2.24	%
Weighted average maturity (in months)		13			24

Each advance is payable at its maturity date, with a prepayment penalty. The advances were collateralized by $161.1 million and $135.2 million of first mortgage loans at year-end 2016 and 2015, respectively, under a blanket lien arrangement. Based on this collateral, the Company's holdings of FHLB stock and a general borrowing limit of 30% of total assets, the Company is eligible to borrow up to an additional $39.0 million at year-end 2016.

Required payments over the next five years are as follows:

	Amount
	(In thousands)
2017	$	49,500
2018		27,500
2019		8,000
2020		-
2021		-

	$	85,000