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LONG-TERM DEBT | 12 Months Ended
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Dec. 31, 2015
Debt Disclosure [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT At December 31, the Company’s long-term debt consisted of the following:
| Amount |  | Weighted Average rate
(Dollars in thousands) | 2015 |  | 2014 |  | 2015 |  | 2014
FHLB fixed rate advances maturing: |  |  |  |  |  |  |
2015 | $ | 0 |  |  | $ | 10,000 |  |  | 0.00 | % |  | 0.35 | %
2017 | 20,000 |  |  | 0 |  |  | 1.00 | % |  | 0.00 | %
2020 | 350 |  |  | 350 |  |  | 7.40 | % |  | 7.40 | %
| 20,350 |  |  | 10,350 |  |  | 1.11 | % |  | 0.59 | %
FHLB amortizing advance requiring monthly principal and interest payments, maturing: |  |  |  |  |  |  |
2025 | 4,145 |  |  | 4,462 |  |  | 4.74 | % |  | 4.74 | %
Total FHLB Advances | $ | 24,495 |  |  | $ | 14,812 |  |  | 1.73 | % |  | 1.84 | %
Except for amortizing loans, interest only is paid on a quarterly basis. The aggregate amount of future principal payments required on these borrowings at December 31, 2015 is as follows:
Years Ending December 31,
(Dollars in thousands) |
2016 | $ | 332 |
2017 | 20,348 |
2018 | 365 |
2019 | 383 |
2020 | 751 |
Thereafter | 2,316 |
| $ | 24,495 |
The Bank is a member of the FHLB of Pittsburgh and, as such, can take advantage of the FHLB program of overnight and term advances. Under terms of a blanket collateral agreement, advances, lines and letters of credit from the FHLB are collateralized by first mortgage loans and securities. Collateral for all outstanding advances, lines and letters of credit consisted of certain securities, 1-4 family mortgage loans and other real estate secured loans totaling $558,908,000 at December 31, 2015. The Bank had additional availability of $284,203,000 at the FHLB on December 31, 2015 based on qualifying collateral. The Bank has available lines of credit with two correspondent banks totaling $30,000,000, at December 31, 2015. The lines of credit are unsecured and the rate is based on the daily Federal Funds rate. There were no borrowings under these lines of credit at December 31, 2015 and 2014. The Company has $10,150,000 in letters of credit outstanding with the FHLB in favor of third parties utilized for general banking purposes.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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