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Federal Home Loan Bank Advances | 12 Months Ended
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Dec. 31, 2018
Banking And Thrift [Abstract] |
Federal Home Loan Bank Advances | NOTE 11 - FEDERAL HOME LOAN BANK ADVANCES Long term advances from the FHLB were $5,000 at December 31, 2018 and $15,000 at December 31, 2017. The outstanding balance has a maturity date of October 2019 with a fixed rate of 2.10%. The average rate on the outstanding advance was 2.10% at December 31, 2018. Scheduled principal reductions of FHLB advances outstanding at December 31, 2018 were as follows:
2019 |  | $ | 5,000 |
Total |  | $ | 5,000 |
In addition to the borrowings, the Company had outstanding letters of credit with the FHLB totaling $20,000 at year-end 2018 and totaling $19,600 at year-end 2017, respectively, used for pledging to secure public funds. FHLB borrowings and the letters of credit were collateralized by FHLB stock and by $320,400 and $137,250 of residential mortgage loans under a blanket lien arrangement at year-end 2018 and 2017, respectively. The Company had a FHLB maximum borrowing capacity of $556,724 as of December 31, 2018, with remaining borrowing capacity of approximately $343,124. 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://fasb.org/us-gaap/role/ref/legacyRef -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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -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://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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