FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

5. FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

Advances from the FHLB totaled $49.9 million with a weighted average interest rate of 2.14 percent and $61.8 million with a weighted average interest rate of 2.02 percent at September 30, 2017 and December 31, 2016, respectively.

At September 30, 2017, advances totaling $37.9 million with a weighted average interest rate of 1.87 percent had fixed maturity dates. The fixed maturity date advances at December 31, 2016 totaled $49.8 million with a weighted average interest rate of 1.78 percent. The fixed rate advances are secured by blanket pledges of certain 1-4 family residential mortgages totaling $509.0 million and multifamily mortgages totaling $939.8 million at September 30, 2017, while 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.

At both September 30, 2017 and at December 31, 2016, the Company had $12.0 million in variable rate advances, with a weighted average interest 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 $12.9 million at September 30, 2017.

The final maturity dates of the FHLB advances are scheduled as follows:

(In thousands)
2017	$	12,000
2018		34,898
2019		3,000
2020		—
2021		—
Over 5 years		—
Total	$	49,898

There were no overnight borrowings as of September 30, 2017 or December 31, 2016. At September 30, 2017, unused short-term overnight borrowing commitments totaled $1.2 billion from FHLB, $22.0 million from correspondent banks and $728.2 million at the FRB.