Federal Home Loan Bank Advances

12 Months Ended

Dec. 31, 2017

Note 8 – 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
	2017			2016
	(Dollars in thousands)
FHLB Advances:
Average balance outstanding during the year	$	89,279		$	71,940
Maximum amount outstanding at any month-end during the year	$	104,000		$	85,000
Balance outstanding at end of year	$	65,000		$	85,000
Weighted average interest rate at end of year		1.86	%		1.94	%
Average cost of advances during the year		1.97	%		2.13	%
Weighted average contractual maturity (in months)		18			13

Each advance is payable at its maturity date, with a prepayment penalty. The advances were collateralized by $128.4 million and $161.1 million of first mortgage loans at year-end 2017 and 2016, 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 $42.9 million at year-end 2017.

Required payments over the next five years are as follows:

	Amount
	(In thousands)
2018	$	27,500
2019		8,000
2020		29,500
2021		-
2022		-

	$	65,000