FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

12 Months Ended

Dec. 31, 2015

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 at both December 31, 2015 and 2014, with a weighted average interest rate of 1.78 percent.

At December 31, 2015 and 2014 advances totaling $71.7 million with a weighted average rate of 1.57 percent, have fixed maturity dates. At December 31, 2015 the fixed rate advances are secured by blanket pledges of certain 1-4 family residential mortgages totaling $428.2 million and multifamily mortgages totaling $1.1 billion, while 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.

At both December 31, 2015 and December 31, 2014, 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 $13.2 million at December 31, 2015 and $13.4 million at December 31, 2014.

The advances have prepayment penalties.

The scheduled principal repayments and maturities of advances as of December 31, 2015 are as follows:

(In thousands)
2016	$	21,897
2017		23,897
2018		34,898
2019		3,000
2020		—
Over 5 years		—
Total	$	83,692

At December 31, 2015 there were overnight borrowings with the FHLB of $40.7 million with a weighted average rate of 0.52 percent and at December 31, 2014 there were overnight borrowings with the FHLB of $54.6 million with a weighted average rate of 0.32 percent. At December 31, 2015, unused short-term or overnight borrowing commitments totaled $885.0 million from the FHLB, $22.0 million from correspondent banks and $113.9 million at the Federal Reserve Bank.