Borrowings

Federal Home Loan Bank Advances

Advances payable to the FHLBB amounted to $203.4 million and $288.1 million, respectively, at March 31, 2014 and December 31, 2013.

FHLBB advances totaling $99.3 million were prepaid in early March 2014, resulting in debt prepayment penalty expense of approximately $6.3 million. The weighted average rate of these FHLBB advances was 3.01% with a weighted average remaining term of thirty-six months. Other wholesale funding in the form of brokered time certificates of deposits as well as existing on balance sheet liquidity were utilized as the funding source for the prepayments. See Note 7.

The following table presents maturities of FHLBB advances outstanding as of March 31, 2014:



(Dollars in thousands)
	Scheduled Maturity		Redeemed at Call Date (1)		Weighted Average Rate (2)
2013		$17,131		$17,131	0.61	%
2014	1,569		1,569		4.89	%
2015	43,130		43,130		3.10	%
2016	41,045		41,045		3.16	%
2017	64,803		64,803		3.85	%
2018 and thereafter	35,751		35,751		4.50	%
Balance at March 31, 2014		$203,429		$203,429	3.40	%


(1)	Callable FHLBB advances are shown in the respective periods assuming that the callable debt is redeemed at the call date while all other advances are shown in the periods corresponding to their scheduled maturity date.


(2)	Weighted average rate based on scheduled maturity dates.

As of March 31, 2014, the Bank also has access to an unused line of credit with the FHLBB amounting to $20.0 million. In addition, the FHLBB has issued standby letters of credit to depositor customers of the Bank to collateralize public deposits. The Bank’s FHLBB borrowings, line of credit and letters of credit are collateralized by a blanket pledge agreement on the Bank’s FHLBB stock, certain qualified investment securities and loans, as well as amounts maintained on deposit at the FHLBB. The Bank’s unused remaining available borrowing capacity at the FHLBB was approximately $654.7 million and $564.1 million, respectively, at March 31, 2014 and December 31, 2013.