FEDERAL HOME LOAN BANK ADVANCES

6 Months Ended

Jun. 30, 2014

10. FEDERAL HOME LOAN BANK ADVANCES

The following table sets forth the contractual maturities and weighted average interest rates of FHLB advances for each of the next five years and the period thereafter at June 30, 2014 and December 31, 2013:

	June 30, 2014
Contractual Maturity	Amount		Weighted Average Rate
(Dollars in thousands)
Overnight	$	72,000	0.38	%

2014	44,517		0.37	%
2015	1,524		0.09	%
2016	11,756		0.69	%
2017	—		—
2018	16,289		0.99	%
	74,086		0.55	%
	$	146,086	0.47	%

	December 31, 2013
Contractual Maturity	Amount		Weighted Average Rate
(Dollars in thousands)
Overnight	$	58,000	0.40	%

2014	40,000		0.46	%
	40,000		0.46	%
	$	98,000	0.42	%

Each advance is payable at its maturity date, with a prepayment penalty for fixed rate advances. The advances were collateralized by $366.0 million and $336.6 million of residential and commercial mortgage loans under a blanket lien arrangement at June 30, 2014 and December 31, 2013, respectively. Based on this collateral and the Company’s holdings of FHLB stock, the Company is eligible to borrow up to a total of $655.7 million at June 30, 2014.

- Definition

The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances.

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