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FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS
12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

7.  FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

Advances from FHLB totaled $108.0 million at December 31, 2018, with a weighted average interest rate of 3.17 percent.  Advances from FHLB totaled $37.9 million at December 31, 2017, with a weighted average interest rate of 2.20 percent.

At December 31, 2018, advances totaling $108.0 million, with a weighted average rate of 3.17 percent, have fixed maturity dates.  At December 31, 2017, advances totaling $28.9 million, with a weighted average rate of 1.96 percent, have fixed maturity dates.  At December 31, 2018, the fixed rate advances are secured by blanket pledges of certain 1-4 family residential mortgages totaling $496.1 million multifamily mortgages totaling $1.0 billion and securities totaling $58.5 million, while at December 31, 2017, the fixed rate advances are secured by blanket pledges of certain 1-4 family residential mortgages totaling $550.0 million and multifamily totaling $1.1 billion.  

The Company had $9.0 million of variable rate advances, with a weighted average rate of 2.95 percent at December 31, 2017. These advances were non-callable for two or three years and then callable quarterly with final maturities of ten years from the original date of the advance. All of these advances were beyond their initial non-callable periods. These advances were secured by pledges of investment securities totaling $13.5 million at December 31, 2017.

The advances had prepayment penalties.

The scheduled principal repayments and maturities of advances as of December 31, 2018 are as follows:

 

(In thousands)

 

 

 

 

2019

 

$

3,000

 

2020

 

 

-

 

2021

 

 

60,000

 

2022

 

 

20,000

 

2023

 

 

25,000

 

Over 5 years

 

 

-

 

Total

 

$

108,000

 

 

At both December 31, 2018 and December 31, 2017, there were no overnight borrowings with the FHLB. At December 31, 2018, unused short-term or overnight borrowing commitments totaled $1.3 billion from the FHLB, $22.0 million from correspondent banks and $1.3 billion at the Federal Reserve Bank of New York.