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Borrowings | 12 Months Ended
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Dec. 31, 2018
Debt Disclosure [Abstract] |
Borrowings | Borrowings The Company has a maximum line of credit with the FHLB approximating 45% of eligible assets. FHLB advances are subject to collateral criteria that require the Company to pledge assets under a blanket pledge arrangement as collateral for its borrowings from the FHLB. Based on assets currently pledged and advances currently outstanding at December 31, 2018, the Company's available borrowing line is $139.3 million, representing approximately 10% of total assets. Additional advances of up to 45% of eligible assets, or $667.8 million, are dependent on the availability of acceptable collateral such as marketable securities or real estate loans, although all FHLB advances are secured by a blanket pledge of the Company’s assets. The Company has outstanding FHLB advances of $7.2 million and $7.4 million as of December 31, 2018 and 2017, respectively, which were originated to match fund low income housing projects that qualify for long-term fixed interest rates. The first advance was a $2.2 million FHLB Community Investment Program advance which was originated on March 22, 2013. It has an 18 year term with a 30 year amortization period, which mirrors the term of the term real estate loan made to the borrower, and a fixed rate of 3.12%. The second advance was a $2.3 million FHLB Community Investment Cash Advance Program advance that was originated in the second quarter of 2016. This advance has a 20 year term with a 30 year amortization period, which mirrors the term of the loan made to the borrower, and a fixed interest rate of 2.61%. The last advance was a $3.1 million FHLB Community Investment Cash Advance Program advance that was originated in the third quarter of 2017. This advance has a 20 year term with a 30 year amortization period and a fixed interest rate of 3.25%, which mirrors the term of the loan made to the borrower. All of these FHLB advances are included in borrowings. The Federal Reserve Bank is holding $78.6 million of loans as collateral to secure available borrowing lines through the discount window of $48.9 million at December 31, 2018. There were no discount window advances outstanding at December 31, 2018 and 2017. The Company paid less than $1,000 in interest in 2018 and 2017 on this agreement. The Company is subject to provisions under the laws in the State of Alaska which, subject to certain exceptions, limit the amount of the Bank's outstanding debt to 15% of total assets or $222.6 million and $225.8 million at December 31, 2018 and 2017, respectively. Securities sold under agreements to repurchase were $34.3 million and $27.7 million, respectively, for December 31, 2018 and 2017. The Company was paying an average rate of 0.17% and 0.14% on these agreements at December 31, 2018 and 2017, respectively. The average balance outstanding of securities sold under agreement to repurchase during 2018 and 2017 was $29.9 million and $29.0 million, respectively, and the maximum outstanding at any month-end was $36.5 million and $32.6 million, respectively, during the same time periods. The securities sold under agreement to repurchase are held by the FHLB under the Company’s control. The future principal payments that are required on the Company’s borrowings as of December 31, 2018, are as follows:
(In Thousands)
2019 |  | $34,445 |
2020 | 173 |
2021 | 178 |
2022 | 184 |
2023 | 189 |
Thereafter | 6,350 |
Total |  | $41,519 |
The Company recognized interest expense of $273,000, $207,000, and $157,000 on borrowings and securities sold under repurchase agreements in 2018, 2017, and 2016, respectively. The average interest rates paid on long-term debt in the same periods was 3.39%, 3.23%, and 2.82%, respectively.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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