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Federal Home Loan Bank Advances
 12 Months Ended
Dec. 31, 2015
Advances from Federal Home Loan Banks [Abstract]  
Federal Home Loan Bank Advances

Note 10 – Federal Home Loan Bank Advances 

 

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

 

(Dollars in thousands)     2015     2014  
               
Maturity of November 2024 with fixed interest rate of 3.98%   $ 332   $ 363  
Maturity of February 2016 with fixed interest rate of 0.47%     11,000     —  
Maturities ranging from February 2015 to May 2015, fixed interest rates ranging from 0.39% to 0.41%, with an average of 0.40%     —     18,000  
Total advances outstanding at year-end   $ 11,332   $ 18,363  

 

Fees are charged on fixed rate advances that are paid prior to maturity. No fixed rate advances were paid prior to maturity in 2015 or 2014. Advances were secured by agricultural loans and residential real estate loans with a carrying value of approximately $107.6 million and $96.2 million at December 31, 2015 and December 31, 2014, respectively. Advances were also secured by $24.2 million of U.S. Government agency securities and U.S. Treasury securities at December 31, 2015. Based on this collateral, the Bank was eligible to borrow an additional $61.2 million at year-end 2015.

 

The scheduled maturities of advances from the FHLB at December 31, 2015 were as follows:

 

(Dollars in thousands)        
         
2016   $ 11,031  
2017     33  
2018     34  
2019     36  
2020     37  
Thereafter     161  
Total   $ 11,332