Quarterly report pursuant to Section 13 or 15(d)

OTHER BORROWED FUNDS

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OTHER BORROWED FUNDS
9 Months Ended
Sep. 30, 2018
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
 
September 30, 2018
             
Single maturity fixed rate advances
 
$
50,000
 
November 2018 to July 2024
   
2.15
%
Putable advances
   
20,000
 
November 2024
   
1.81
%
   
$
70,000
           
 
  
Principal Terms
 
Advance
Amount
       
Range of Maturities
 
Weighted
Average
Interest Rate
 
December 31, 2017
             
Single maturity fixed rate advances
 
$
70,000
 
February 2018 to April 2021
   
1.59
%
Amortizable mortgage advances
   
2,118
 
March 2018 to July 2018
   
3.78
%
Putable advances
   
20,000
 
November 2024
   
1.81
%
   
$
92,118
           
 
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 $470.8 million and $493.2 million under a blanket lien arrangement at September 30, 2018 and December 31, 2017, respectively.
 
Scheduled repayments of FHLB advances as of September 30, 2018 were as follows (in thousands):

2018
 
$
10,000
 
2019
   
10,000
 
2020
   
---
 
2021
   
10,000
 
2022
   
---
 
Thereafter
   
40,000
 
   
$
70,000
 

Federal Reserve Bank borrowings

The Company has a financing arrangement with the Federal Reserve Bank.  There were no borrowings outstanding at September 30, 2018 and December 31, 2017, and the Company had approximately $18.4 million and $11.0 million in unused borrowing capacity based on commercial and mortgage loans pledged to the Federal Reserve Bank totaling $20.2 million and $13.2 million at September 30, 2018 and December 31, 2017, respectively.