Quarterly report pursuant to Section 13 or 15(d)

OTHER BORROWED FUNDS

v3.19.1
OTHER BORROWED FUNDS
3 Months Ended
Mar. 31, 2019
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, 2019
             
Single maturity fixed rate advances
 
$
40,000
 
April 2021 to July 2024
   
2.50
%
Putable advances
   
20,000
 
November 2024
   
1.81
%
   
$
60,000
           

Principal Terms
 
Advance
Amount
 
Range of Maturities
 
Weighted
Average
Interest Rate
 
December 31, 2018
             
Single maturity fixed rate advances
 
$
40,000
 
February 2019 to July 2024
   
2.27
%
Putable advances
   
20,000
 
November 2024
   
1.81
%
   
$
60,000
           

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 $516.2 million and $476.4 million under a blanket lien arrangement at March 31, 2019 and December 31, 2018, respectively.

Scheduled repayments of FHLB advances as of March 31, 2019 were as follows (in thousands):

2019
 
$
 
2020
   
 
2021
   
10,000
 
2022
   
 
2023
   
10,000
 
Thereafter
   
40,000
 
   
$
60,000
 

Federal Reserve Bank borrowings

The Company has a financing arrangement with the Federal Reserve Bank.  There were no borrowings outstanding at March 31, 2019 and December 31, 2018, and the Company had approximately $15.1 million and $16.9 million in unused borrowing capacity based on commercial and mortgage loans pledged to the Federal Reserve Bank totaling $18.2 million and $18.2 million at March 31, 2019 and December 31, 2018, respectively.