FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

12 Months Ended

Dec. 31, 2014

FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS [Abstract]

FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

7.	*FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS*

Advances from FHLB totaled $83.7 million and $74.7 million at December 31, 2014 and 2013, respectively, with a weighted average interest rate of 1.78 percent and 1.80 percent, respectively.

At December 31, 2014 advances totaling $71.7 million with a weighted average rate of 1.57 percent, have fixed maturity dates, while at December 31, 2013 advances totaling $62.7 million with a weighted average rate of 1.57 percent, have a fixed maturity. At December 31, 2014 the fixed rate advances are secured by blanket pledges of certain 1-4 family residential mortgages totaling 388.5 million and multifamily totaling 815.6 million. The fixed rate advances at December 31, 2013 are secured by blanket pledges of certain 1-4 family residential mortgages totaling $449.9 million.

At both December 31, 2014 and December 31, 2013, the Company had $12.0 million in variable rate advances, with a weighted average rate of 3.01 percent, that are noncallable for two or three years and then callable quarterly with final maturities of ten years from the original date of the advance. All of these advances are beyond their initial noncallable periods. These advances are secured by pledges of investment securities totaling $13.4 million at December 31, 2014 and $13.3 million at December 31, 2013.

The advances have prepayment penalties.

The scheduled principal repayments and maturities of advances as of December 31, 2014 are as follows:

(In thousands)
2015	$	—
2016		21,897
2017		23,897
2018		34,898
2019		3,000
Over 5 years		—
Total	$	83,692

At December 31, 2014 there were overnight borrowings with the FHLB of $54.6 million with a weighted average rate of 0.32 percent and at December 31, 2013 there were overnight borrowings with the FHLB of $54.9 million with a weighted average rate of 0.40 percent. At December 31, 2014, unused short-term or overnight borrowing commitments totaled $672.4 million from the FHLB and $28.4 million from correspondent banks.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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