12. LONG-TERM DEBT

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

NOTE 12. LONG-TERM DEBT

The Company borrowed $20,000,000 from the Federal Home Loan Bank of Atlanta (FHLB) in 2016 to fund loan growth and extend maturities of long term debt at lower rates. The Company borrowed $40,000,000 in 2015. The interest rates on the long-term debt were fixed at the time of the advance and ranged from 1.16% to 2.56%; the weighted average interest rate was 1.80% and 1.86% at December 31, 2016 and 2015, respectively. The balance of these obligations at December 31, 2016 and December 31, 2015 were $63,982,000 and $48,161,000, respectively. The long-term debt is secured by qualifying mortgage loans held for investment by the Company.

The maturities of long-term Federal Home Loan Bank long term debt as of December 31, 2016, were as follows:

2017	$	4,429,000
2018		9,429,000
2019		6,929,000
2020		14,429,000
2021		10,929,000
Thereafter		17,837,000
Total	$	63,982,000

The Company has a small note payable to purchase a lot adjacent to one of its branches in the amount of $255,000 payable in three annual installments.