Federal Home Loan Bank Advances

12 Months Ended

Dec. 31, 2014

Deposits\Federal Home Loan Bank Advances [Abstract]

Federal Home Loan Bank Advances

NOTE 10           Federal Home Loan Bank Advances

FHLB advances at December 31 consist of the following:

						Weighted
	Scheduled		Range of			Average
	Maturity		Rates			Rate			Amount
2014
Fixed rate, interest only		2015		0.13	%		0.13	%	$	10,000
Fixed rate, interest only		2017		0.77%-1.17	%		1.00	%		1,350
Fixed rate, interest only		2018		1.92	%		1.92	%		2,000
Fixed rate, interest only		2019		1.66%-1.89	%		1.72	%		6,921
Totals							0.91	%	$	20,271
2013
Fixed rate, interest only		2014		2.69%-3.45	%		3.18	%	$	31,049
Variable rate, interest only		2014		1.33	%		1.33	%		5,000
Fixed rate, interest only		2018		1.92	%		1.92	%		2,000
Totals							2.87	%	$	38,049

PSB also provides letters of credit to municipal deposit customers which are secured by a FHLB guarantee of payment to the depositor in the event of PSB default. PSB had $2,458 and $6,920 of FHLB public unit deposit letters of credit outstanding at December 31, 2014 and 2013, respectively. All of these letters of credit had original maturities of one year or less upon origination.

FHLB advances are subject to a prepayment penalty if they are repaid prior to maturity. PSB may draw upon an FHLB open line of credit or provide public unit deposit letters of credit up to approximately 65% of unencumbered one- to four-family residential first mortgage loans and 40% of residential junior mortgage loans pledged as collateral out of its portfolio. The FHLB advances are also secured by $2,556 of FHLB stock owned by PSB at December 31, 2014. PSB may draw both short-term and long-term advances on a maximum line of credit totaling approximately $101,553 based on pledged performing residential real estate mortgage collateral totaling $175,707 as of December 31, 2014. At December 31, 2014, PSB’s available and unused portion of this line of credit totaled approximately $81,282. PSB also has, under a current agreement with the FHLB, an ability to borrow up to an additional $57,599 by pledging securities.

At December 31, 2014, FHLB advances drawn by PSB and other FHLB credit enhancements provided to PSB totaling greater than $51,120 would require PSB to purchase additional shares of FHLB capital stock. Transfer of FHLB stock is substantially restricted.