Borrowings

Borrowings consisted of the following:



	As of December 31,
	2018		2017
	(in thousands)
FHLB advances	$	55,000	$	150,000
Total FHLB advances	$	55,000	$	150,000

FHLB advances represent collateralized obligations with the FHLB. The following is a summary of contractual maturities pertaining to FHLB advances:



Year of Maturity	Amount		Weighted- Average Interest Rate
	(dollars in thousands)
2018	$	55,000	2.56	%
Total	$	55,000	2.56	%

The following is financial data pertaining to overnight FHLB advances:



	As of December 31,
	2018			2017			2016
	(dollars in thousands)
Weighted-average interest rate at end of year	2.56		%	1.41		%	0.55		%
Weighted-average interest rate during the year	1.94		%	0.90		%	0.45		%
Average balance of FHLB advances	$	174,452		$	119,041		$	196,708
Maximum amount outstanding at any month-end	$	300,000		$	330,000		$	320,000

We have pledged loans receivable with market values of $1.10 billion as collateral with the FHLB for this borrowing facility. The total borrowing capacity available from the collateral that has been pledged is $924.4 million, of which $729.4 million remained available as of December 31, 2018. At December 31, 2018, we had $29.3 million available for use through the Fed Discount Window, as we pledged securities with carrying values of $29.9 million, and there were no borrowings.

At December 31, 2018, advances from the FHLB were $55.0 million, a decrease of $95.0 million from $150.0 million at December 31, 2017, and all FHLB advances were overnight borrowings at December 31, 2018. For the years ended December 31, 2018, 2017 and 2016 interest expense on FHLB advances were $3.4 million, $1.1 million and $879,000, respectively, and the weighted-average interest rates were 1.94 percent, 0.90 percent and 0.45 percent, respectively.