Quarterly report pursuant to Section 13 or 15(d)

OTHER BORROWED FUNDS

v3.7.0.1
OTHER BORROWED FUNDS
3 Months Ended
Mar. 31, 2017
OTHER BORROWED FUNDS [Abstract]  
OTHER BORROWED FUNDS
NOTE 7 - OTHER BORROWED FUNDS

Other borrowed funds include advances from the Federal Home Loan Bank and borrowings from the Federal Reserve Bank.

Federal Home Loan Bank Advances

At period-end, advances from the Federal Home Loan Bank were as follows (dollars in thousands):

 
Principal Terms
Advance
Amount
 
Range of Maturities
 Weighted
Average
Interest Rate
 
March 31, 2017
                 
Single maturity fixed rate advances
 
$
100,000
 
April 2017 to April 2021
   
1.41
%
Amortizable mortgage advances
   
2,785
 
March 2018 to July 2018
   
3.75
%
   
$
102,785
           

 
Principal Terms
 
Advance
Amount
 
 
Range of Maturities
 Weighted
Average
Interest Rate
 
December 31, 2016
                 
Single maturity fixed rate advances
 
$
80,000
 
February 2018 to April 2021
   
1.60
%
Amortizable mortgage advances
   
4,173
 
March 2018 to July 2018
   
3.78
%
   
$
84,173
           

Each advance is subject to a prepayment fee if paid prior to its maturity date.  Fixed rate advances are payable at maturity.   Amortizable mortgage advances are fixed rate advances with scheduled repayments based upon amortization to maturity.  These advances were collateralized by residential and commercial real estate loans totaling $464,498,000 and $424,951,000 under a blanket lien arrangement at March 31, 2017 and December 31, 2016, respectively.

Scheduled repayments of FHLB advances as of March 31, 2017 were as follows (in thousands):

2017
 
$
20,667
 
2018
   
52,118
 
2019
   
10,000
 
2020
   
10,000
 
2021
   
10,000
 
Thereafter
   
---
 
   
$
102,785
 

Federal Reserve Bank borrowings

The Company has a financing arrangement with the Federal Reserve Bank.  There were no borrowings outstanding at March 31, 2017 and December 31, 2016, and the Company had approximately $16.3 million and $18.1 million in unused borrowing capacity based on commercial and mortgage loans pledged to the Federal Reserve Bank totaling $20.4 million and $20.7 million at March 31, 2017 and December 31, 2016, respectively.