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Short-term borrowings
 12 Months Ended
Dec. 31, 2017
Short-term borrowings  
Short-term borrowings

10. Short-term borrowings:

Short-term borrowings consisted of FHLB advances representing overnight or less than 30-day borrowings at December 31, 2017 and 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At and for the year ended December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

Weighted

 

 

 

 

 

 

 

 

 

Maximum

 

Average

 

Average

 

 

 

Ending

 

Average

 

Month-End

 

Rate for

 

Rate at End

 

 

 

Balance 

 

Balance 

 

Balance 

 

the Year 

 

of the Year 

 

FHLB advances

 

$

123,675

 

$

76,846

 

$

123,675

 

1.17

%  

1.54

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At and for the year ended December 31, 2016

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

Weighted

 

 

 

 

 

 

 

 

 

Maximum

 

Average

 

Average

 

 

 

Ending

 

Average

 

Month-End

 

Rate for

 

Rate at End

 

 

 

Balance

 

Balance

 

Balance

 

the Year

 

of the Year

 

FHLB advances

 

$

82,700

 

$

67,553

 

$

86,300

 

0.60

 

0.74

%

Peoples Bank has an agreement with the FHLB which allows for borrowings up to its maximum borrowing capacity based on a percentage of qualifying collateral assets. At December 31, 2017, Peoples Bank’s maximum borrowing capacity was $631,782 of which $173,409 was outstanding in borrowings. Advances with the FHLB are secured under terms of a blanket collateral agreement by a pledge of FHLB stock and certain other qualifying collateral, such as investments and mortgage-backed securities and mortgage loans. Interest accrues daily on the FHLB advances based on rates of the FHLB discount notes. This rate resets each day.