NOTE 12: BORROWED FUNDS

The composition of borrowings (excluding subordinated loans) at December 31 is as follows:

(In thousands)	2017		2016
Short-term:
FHLB Advances	$	30,600	$	42,000
Deferred fees hedging		-		(53	)
Total short-term borrowings	$	30,600	$	41,947
Long-term:
FHLB advances	$	43,288	$	17,000
Total long-term borrowings	$	43,288	$	17,000

The principal balances, interest rates and maturities of the outstanding long-term borrowings, all of which are at a fixed rate, at December 31, 2017 are as follows:

Term	Principal		Rates
(Dollars in thousands)
Advances with FHLB
Due within 1 year	$	2,000	1.04%
Due within 2 years		31,228	1.16-2.00%
Due within 10 years		10,060	1.62-2.55%
Total advances with FHLB	$	43,288
Total long-term fixed rate borrowings	$	43,288

At December 31, 2017, scheduled repayments of long-term debt are as follows:

(In thousands)
2018	$	2,000
2019		31,228
2020		7,060
2021		1,000
2022		2,000
Thereafter		-
Total	$	43,288

The Company has access to Federal Home Loan Bank advances, under which it can borrow at various terms and interest rates. Residential mortgage loans with a carrying value of $148.1 million and FHLB stock with a carrying value of $3.9 million have been pledged by the Company under a blanket collateral agreement to secure the Company’s borrowings at December 31, 2017. The total outstanding indebtedness under borrowing facilities with the FHLB cannot exceed the total value of the assets pledged under the blanket collateral agreement. The Company has a $19.9 million line of credit available at December 31, 2017 with the Federal Reserve Bank of New York through its Discount Window and has pledged various corporate and municipal securities against the line. The Company has $14.4 million in lines of credit available with three other correspondent banks. $9.4 million of that line of credit is available on an unsecured basis and the remaining $5.0 million must be collateralized with marketable investment securities. Interest on the lines is determined at the time of borrowing.