FEDERAL HOME LOAN BANK ADVANCES

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

FEDERAL HOME LOAN BANK ADVANCES

8. 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. There are no FHLB advances with contractual maturities after 2019.

	December 31, 2015
Contractual Maturity	Amount		Weighted Average Rate
(Dollars in thousands)
Overnight	$	—		—	%
2016		249,599		0.75	%
2017		19,149		0.74
2018		25,781		1.04
2019		2,978		1.08
		297,507		0.78	%
	$	297,507		0.78	%

	December 31, 2014
Contractual Maturity	Amount		Weighted Average Rate
(Dollars in thousands)
Overnight	$	69,000		0.32	%
2015		41,508		0.37	%
2016		11,703		0.69
2017		—		—
2018		16,116		1.00
		69,327		0.57	%
	$	138,327		0.44	%

Each advance is payable at its maturity date, with a prepayment penalty for fixed rate advances. The advances were collateralized by $666.3 million and $385.2 million of residential and commercial mortgage loans under a blanket lien arrangement at year end 2015 and 2014, respectively. Based on this collateral and the Company’s holdings of FHLB stock, the Company is eligible to borrow up to a total of $1.1 billion at year end 2015.