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Federal Home Loan Bank Advances and Other Borrowings
12 Months Ended
Dec. 31, 2018
Advances From Federal Home Loan Banks [Abstract]  
Federal Home Loan Bank Advances and Other Borrowings

Note 7 – Federal Home Loan Bank Advances and Other Borrowings

At December 31, 2018 and 2017 the Company had $20,000,000 in overnight FHLB advances.  The advances are secured by a blanket pledge of eligible collateral including first lien single family and multi-family mortgages with a carrying value of $112,117,000 and $103,092,000 at December 31, 2018 and 2017, respectively.  The Company has available borrowing capacity of an additional $59,300,000 from FHLB at December 31, 2018, subject to certain collateral requirements and with interest at then stated rate.  

The following table summarizes activities in advances from the FHLB for the periods indicated:

 

 

 

Year Ended December 31,

 

 

 

2018

 

 

2017

 

 

 

(dollars in thousands)

 

Average balance outstanding

 

$

1,900

 

 

$

1,752

 

Maximum amount outstanditng at any month-end during the

   year

 

 

20,000

 

 

 

20,000

 

Balance outstanding at year end

 

 

20,000

 

 

 

20,000

 

Weighted average interest rate during the year

 

 

2.07

%

 

 

1.34

%

 

The Company has established an $8,000,000 unsecured line of credit with interest payable at the then-stated rate, with PCBB, which expires in June 2019.  There were no borrowings on this line at December 31, 2018 or 2017.  

The Company has established a Borrower-in-Custody (BIC) arrangement with the FRB, which is secured by eligible loans, with interest payable at the then-stated rate.  At December 31, 2018, the Company had pledged commercial real estate loans totaling $42,912,000, which provided available borrowing capacity of $20,780,000.  At December 31, 2017, the Company had pledged commercial real estate loans totaling $43,916,000, which provided available borrowing capacity of $21,140,000.  There were no borrowings outstanding on this line of credit at December 31, 2018 or 2017.