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Federal Home Loan Bank Advances

12 Months Ended

Dec. 31, 2014

Advances from Federal Home Loan Banks [Abstract]

Note 10 – Federal Home Loan Bank Advances

At December 31, advances from the FHLB were as follows:

(Dollars in thousands)
		2014		2013

Maturity of November 2024 with fixed interest rate of 3.98%	$	363	$	392
Maturities ranging from January 2015 to November 2015, fixed interest rates ranging from 0.30% to 0.38%, with an average rate of 0.35%		18,000
Maturities ranging from February 2014 to May 2014, fixed interest rates ranging from 0.39% to 0.41%, with an average rate of 0.40%				6,000
Total advances outstanding at year-end	$	18,363	$	6,392

Fees are charged on fixed rate advances that are paid prior to maturity. No fixed rate advances were paid prior to maturity in 2014 or 2013. Advances were secured by agricultural loans and residential real estate loans with a carrying value of approximately $96.2 million at December 31, 2014 and residential real estate loans totaling $71.1 million at December 31, 2013. Based on this collateral, the Bank was eligible to borrow an additional $28.3 million at year-end 2014. The scheduled maturities of advances from the FHLB at December 31, 2014 were as follows:

(Dollars in thousands)

2015		$	18,030
2016			32
2017			33
2018			34
2019			36
Thereafter			198
	Total	$	18,363

- Definition

The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances.

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