Federal Home Loan Bank Advances

12 Months Ended

Dec. 31, 2018

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
	2018			2017
	(Dollars in thousands)
FHLB Advances:
Average balance outstanding during the year	$	74,729		$	89,279
Maximum amount outstanding at any month-end during the year	$	98,000		$	104,000
Balance outstanding at end of year	$	70,000		$	65,000
Weighted average interest rate at end of year		2.51	%		1.86	%
Average cost of advances during the year		2.13	%		1.97	%
Weighted average contractual maturity (in months)		24			18

Each advance is payable at its maturity date, with a prepayment penalty. The advances were collateralized by $151.0 million and $128.4 million of first mortgage loans at year-end 2018 and 2017, 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 $54.6 million at year-end 2018.

Required payments over the next five years are as follows:


	Amount
	(In thousands)
2019	$	8,000
2020		29,500
2021		22,500
2022		5,000
2023		5,000
	$	70,000