FEDERAL HOME LOAN BANK ADVANCES

9 Months Ended

Sep. 30, 2016

10. FEDERAL HOME LOAN BANK ADVANCES

The following tables set forth the contractual maturities and weighted average interest rates of FHLB advances over the next four years at September 30, 2016 and December 31, 2015:

(Dollars in thousands)	September 30, 2016
Contractual Maturity	Amount		Weighted Average Rate
Overnight	$	111,000		0.53	%

2016		111,518		0.63	%
2017		19,122		0.74	%
2018		25,519		1.05	%
2019		2,350		1.05	%
		158,509		0.72	%
	$	269,509		0.64	%

(Dollars in thousands)	December 31, 2015
Contractual Maturity	Amount		Weighted Average Rate
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	%

Each advance is payable at its maturity date, with a prepayment penalty for fixed rate advances. The advances were collateralized by $886.0 million and $666.3 million of residential and commercial mortgage loans under a blanket lien arrangement at September 30, 2016 and December 31, 2015, respectively. Based on this collateral and the Company’s holdings of FHLB stock, the Company is eligible to borrow up to a total of $1.15 billion at September 30, 2016.