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Long-Term Borrowings

12 Months Ended

Dec. 31, 2018

NOTE 12 – LONG-TERM BORROWINGS

At year end, long-term advances from the FHLB were as follows:

	2018					2017
			Weighted					Weighted
			Average					Average
	Amount		Rate			Amount		Rate
Fixed-rate constant payment advance, at 1.70% at December 31, 2018 and 2017	$	3,775		1.70	%	$	4,785		1.70	%
Total advances	$	3,775		1.70	%	$	4,785		1.70	%

Long-term and short-term FHLB advances are secured by a blanket pledge of residential mortgage, commercial real estate, and multi-family loans totaling $552.6 million and $280.2 million at year end 2018 and 2017. Based on this collateral, the Bank is eligible to borrow an additional $308.8 million at year end 2018. Each advance is subject to a prepayment penalty if paid prior to its maturity date.

Scheduled payments of long-term FHLB advances are as follows:

Maturing in:
2019	$	996
2020		860
2021		792
2022		729
2023		398
Thereafter		0
TOTAL	$	3,775

The Company added a special purpose entity to hold $2.1 million in Trust Preferred Debenture as part of the Tri-State acquisition in 2015. The debt has a floating rate that is determined quarterly based on the three-month LIBOR. At December 31, 2018, the interest rate was 4.49%. These securities can be redeemed at any quarter-end. Final maturity of the Trust Preferred Debenture is December 15, 2036. The balance of the outstanding Trust Preferred Debenture was $2.3 and $2.2 million at year end 2018 and 2017.