Short-Term And Long-Term Borrowings

9 Months Ended

Sep. 30, 2018

Short-Term And Long-Term Borrowings [Abstract]

Short-Term And Long-Term Borrowings

Note 9 – Short-term and Long-term Borrowings

Securities sold under agreements to repurchase, federal funds purchased and FHLB short term advances generally represent overnight or less than twelve month borrowings. Long term advances from the FHLB are for periods of twelve months or more and are generally less than sixty months. The Bank has an agreement with the FHLB which allows for borrowings up to a percentage of qualifying assets. At September 30, 2018, the Bank had a maximum borrowing capacity for short-term and long-term advances of approximately $533.0 million.  This borrowing capacity with the FHLB includes a line of credit of $150.0 million. As of September 30, 2018, a one week short-term FHLB advance of $50.9 million was outstanding at a rate of 2.50% and no short-term FHLB advances were outstanding as of December 31, 2017. The 2018 funding was the result of the difference between the deposit growth and loan growth. There were no long-term FHLB advances outstanding as of September 30, 2018 and December 31, 2017. All FHLB borrowings are secured by qualifying assets of the Bank.

The Bank has a federal funds line of credit with the ACBB of $10.0 million, of which none was outstanding at September 30, 2018 and December 31, 2017. Advances from this line are unsecured.