Federal Home Loan Bank Advances

12 Months Ended

Dec. 31, 2019

Note 9 – 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
	2019			2018
	(Dollars in thousands)
FHLB Advances:
Average balance outstanding during the year	$	77,049		$	74,729
Maximum amount outstanding at any month-end during the year	$	84,000		$	98,000
Balance outstanding at end of year	$	84,000		$	70,000
Weighted average interest rate at end of year		2.32	%		2.51	%
Average cost of advances during the year		2.42	%		2.13	%
Weighted average contractual maturity (in months)		18			24

Each advance is payable at its maturity date, with a prepayment penalty. The advances were collateralized by $156.1 million and $151.0 million of first mortgage loans at year-end 2019 and 2018, 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 $59.4 million at year-end 2019.

Required payments over the next five years are as follows:


	Amount
	(In thousands)
2020	$	33,500
2021		22,500
2022		18,000
2023		5,000
2024		5,000
	$	84,000