FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

7. FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

Advances from FHLB totaled $61.8 million at December 31, 2016, with a weighted average interest rate of 2.02 percent. Advances from FHLB totaled $83.7 million at December 31, 2015, with a weighted average interest rate of 1.78 percent.

At December 31, 2016 advances totaling $49.8 million with a weighted average rate of 1.78 percent, have fixed maturity dates. At December 31, 2015 advances totaling $71.7 million with a weighted average rate of 1.57 percent, have fixed maturity dates. At December 31, 2016 the fixed rate advances are secured by blanket pledges of certain 1-4 family residential mortgages totaling $468.3 million and multifamily mortgages totaling $1.2 billion, while 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 totaling $1.1 billion.

At both December 31, 2016 and December 31, 2015, 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 $14.6 million at December 31, 2016 and $13.2 million at December 31, 2015.

The advances have prepayment penalties.

The scheduled principal repayments and maturities of advances as of December 31, 2016 are as follows:

(In thousands)
2017	$	23,897
2018		34,898
2019		3,000
2020		—
2021		—
Over 5 years		—
Total	$	61,795

At December 31, 2016 there were no overnight borrowings with the FHLB and at December 31, 2015 there were overnight borrowings with the FHLB of $40.7 million with a weighted average rate of 0.52 percent. At December 31, 2016, unused short-term or overnight borrowing commitments totaled $1.1 billion from the FHLB, $22.0 million from correspondent banks and $632.0 million at the Federal Reserve Bank.