NOTE 9 – BORROWINGS

At December 31, 2016, the Bank had secured borrowing potential with the Federal Home Loan Bank of New York (“FHLBNY”) for borrowings of up to $149.3 million and a $10.0 million line of credit at Atlantic Central Bankers Bank (“ACBB”). The borrowings at the FHLBNY are secured by a pledge of qualifying residential and commercial mortgage loans, having an aggregate unpaid principal balance of approximately $149.3 million. At December 31, 2016, the Bank had the ability to borrow up to $63.3 million at FHLBNY and $10.0 million at ACBB.

At December 31, 2016 and 2015, the Company had $29.8 million and $34.7 million, respectively, in short term advances at the FHLBNY, having weighted average interest rates of 0.79% and 0.52%, respectively. These advances are priced at the federal funds rate plus a spread (generally between 20 and 30 basis points), re-price daily and mature within three months.

At December 31, 2016, the Company had $5.0 million line of credit at Atlantic Community Bankers Bank that bears interest at the rate of floating prime plus 50 basis points with a maturity date of September 28, 2017. This line of credit is included in long term borrowings.

At December 31, 2016 and 2015 the Bank had the following long-term borrowings:



(Dollars in thousands)	Borrowing Institution	Interest Rate	Balance at December 31,
Maturity Date	Borrowing Institution	Interest Rate	2016		2015
December 7, 2016	FHLBNY	4.00%	$	—	$	5,000
June 21, 2017	FHLBNY	4.60%	6,000		6,000
October 1, 2017	ACBB	Prime + 50bps (4.25%)	5,000		—
November 3, 2017	FHLBNY	1.31%	5,000		5,000
December 7, 2017	FHLBNY	3.97%	5,000		5,000
December 26, 2017	FHLBNY	3.66%	5,000		5,000
December 26, 2017	FHLBNY	3.79%	5,000		5,000
January 16, 2018	FHLBNY	1.18%	5,000		5,000
July 17, 2018	FHLBNY	1.65%	5,000		5,000
September 19, 2018	FHLBNY	1.83%	5,000		5,000
January 20, 2021	FHLBNY	2.07%	5,000		—
February 4, 2019	FHLBNY	1.53%	5,000		5,000
January 15, 2020	FHLBNY	1.66%	5,000		5,000
October 5, 2020	FHLBNY	1.78%	5,000		5,000
			$	66,000	$	61,000

Maturities of long-term debt in years subsequent to December 31, 2016 are as follows:



(Dollars in thousands)
Within one year	$	31,000
One to two years	15,000
Two to three years	5,000
Three to four years	10,000
Four to five years	5,000
After five years	—
	$	66,000

At December 31, 2016 the Company had $61.0 million in long-term fixed rate advances, of which, $6.0 million were convertible notes that contain an option which allows the FHLBNY, at quarterly intervals, to convert the fixed convertible advance into replacement funding for the same or lesser principal amount based on any advance then offered by the FHLBNY at their current market rates.