Advances from Federal Home Loan Bank

12 Months Ended

Dec. 31, 2014

Advances From Federal Home Loan Banks [Abstract]

Federal Home Loan Bank Advances, Disclosure [Text Block]

12. Advances from Federal Home Loan Bank

First Federal has the ability to borrow funds from the FHLB. First Federal pledges its single-family residential mortgage loan portfolio, certain investment securities, certain first mortgage home equity loans, certain multi-family or non-residential real estate loans, and certain agriculture real estate loans as security for these advances. Advances secured by investment securities must have collateral of at least 105% of the borrowing. Advances secured by residential mortgages must have collateral of at least 125% of the borrowings. Advances secured by multi-family or non-residential real estate loans, and agriculture real estate loans must have collateral of at least 300% of the borrowings. The total level of borrowing is also limited to 50% of total assets and at least 50% of the borrowings must be secured by either one-to-four family residential mortgages or investment securities. Total loans pledged to the FHLB at December 31, 2014 and December 31, 2013 were $644.1 million and $676.6 million, respectively. First Federal may obtain advances of up to approximately $425.8 million from the FHLB at December 31, 2014.

 At year-end, advances from the FHLB were as follows:

Principal Terms	Advance Amount		Range of Maturities	Weighted Average Interest Rate
	(In Thousands)
December 31, 2014
Putable advances	$	12,000	January 2015 to March 2018	2.72	%
Amortizable mortgage advances		9,544	December 2015 to September 2018	1.95	%
	$	21,544
December 31, 2013
Putable advances	$	12,000	January 2015 to March 2018	2.72	%
Amortizable mortgage advances		10,520	December 2015	1.95	%
	$	22,520

Putable advances are callable at the option of the FHLB on a quarterly basis.

Estimated future minimum payments by fiscal year based on maturity date and current interest rates are as follows (In Thousands):

2015	$	8,948
2016		1,212
2017		1,212
2018		11,065
Total minimum payments		22,437
Less amounts representing interest		(893)
Totals	$	21,544

First Defiance also utilizes short-term advances from the FHLB to meet cash flow needs and for short-term investment purposes. First Defiance borrows short-term advances under a variety of programs at FHLB. At December 31, 2014 and December 31, 2013, there were no amounts outstanding under First Defiance’s Cash Management Advance line of credit. The total available under this line is $15.0 million. In addition, First Defiance has a $100.0 million REPO Advance line of credit available. There were no borrowings against this line at December 31, 2014 and December 31, 2013. Amounts are generally borrowed under the Cash Management and REPO lines on an overnight basis.