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Federal Home Loan Bank Advances | 12 Months Ended
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Dec. 31, 2015
Banking and Thrift [Abstract] |
Federal Home Loan Bank Advances | NOTE 11 - FEDERAL HOME LOAN BANK ADVANCES Long term advances from the FHLB were $17,500 at December 31, 2015 and $22,500 at December 31, 2014. Outstanding balances have maturity dates ranging from January 2017 to October 2019 and fixed rates ranging from 1.50% to 4.25%. The average rate on outstanding advances was 2.06%. Scheduled principal reductions of FHLB advances outstanding at December 31, 2015 were as follows:
2016 |  | $ | — |
2017 |  |  | 2,500 |
2018 |  |  | 10,000 |
2019 |  |  | 5,000 |
Total |  | $ | 17,500 |
In addition to the borrowings, the Company had outstanding letters of credit with the FHLB totaling $21,200 at year-end 2015 and $22,700 at year-end 2014 used for pledging to secure public funds. FHLB borrowings and the letters of credit are collateralized by FHLB stock and by $138,600 and $131,850 of residential mortgage loans under a blanket lien arrangement at year-end 2015 and 2014, respectively. The Company had a FHLB maximum borrowing capacity of $132,054 as of December 31, 2015, with remaining borrowing capacity of approximately $39,654. The borrowing arrangement with the FHLB is subject to annual renewal. The maximum borrowing capacity is recalculated at least quarterly.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13(a)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 + Details
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