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Federal Home Loan Bank Advances and Other Borrowings | 12 Months Ended
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Dec. 31, 2017
Federal Home Loan Bank Advances and Other Borrowings [Abstract] |
Federal Home Loan Bank Advances and Other Borrowings | NOTE 9 – Federal Home Loan Bank Advances and Other Borrowings At December 31, 2017 and 2016, the Company had $67.2 million and $115.2 million, respectively, in FHLB advances and other borrowings. Of the $67.2 million outstanding at December 31, 2017, FHLB advances represented $60.0 million and securities sold under structured agreements to repurchase represented $7.2 million. Of the $115.2 million outstanding at December 31, 2016, FHLB advances represented $96.0 million and securities sold under structured agreements to repurchase represented $19.2 million. The FHLB advances are secured with approximately $487.0 million of mortgage loans and $3.8 million of stock in the FHLB. During the third quarter of 2017, the Company restructured two FHLB advances totaling $25.0 million. In accordance with accounting guidance, we determined that the present value of the cash flows of the modified advance did not change by more than 10% from the present value of the cash flows of the original advances. Therefore, the modified FHLB advance was considered to be a restructuring and no gain or loss was recorded in the transaction. The original FHLB advances had a weighted rate of 4.39% and an average remaining life of 8 months. Under the modified arrangement, the FHLB advances had a weighted average rate of 3.36% and an average remaining life of 22 months. Listed below is a summary of the terms and maturities of the advances outstanding at December 31, 2017 and 2016. As of December 31, 2017, $55.0 million, or 91.7%, of the Company’s advances were at fixed rates, while $5.0 million, or 8.3%, were at floating rates.
|  | December 31,
(dollars in thousands) |  | 2017 |  | 2016
Maturity |  | Amount |  | Rate |  | Amount |  | Rate
February 13, 2017 |  | $ | - |  | - % |  | $ | 7,500 |  | 4.38%
April 18, 2017 |  |  | - |  | - % |  |  | 7,000 |  | 2.73%
April 18, 2017 |  |  | - |  | - % |  |  | 7,500 |  | 2.91%
April 19, 2017 |  |  | - |  | - % |  |  | 20,000 |  | 2.16%
April 19, 2017 |  |  | - |  | - % |  |  | 10,000 |  | 2.54%
July 11, 2017 |  |  | - |  | - % |  |  | 9,000 |  | 4.49%
July 24, 2017 |  |  | - |  | - % |  |  | 5,000 |  | 4.25%
January 30, 2018 |  |  | 5,000 |  | 4.06% |  |  | 5,000 |  | 3.57%
December 31, 2018 |  |  | 30,000 |  | 1.59% |  |  | - |  | - %
February 15, 2019 |  |  | - |  | - % |  |  | 10,000 |  | 4.47%
October 10, 2019 |  |  | - |  | - % |  |  | 15,000 |  | 4.06%
July 7, 2022 |  |  | 10,000 |  | 3.11% |  |  | - |  | - %
July 7, 2023 |  |  | 15,000 |  | 3.53% |  |  | - |  | - %
|  | $ | 60,000 |  | 2.53% |  | $ | 96,000 |  | 3.41%
At December 31, 2017, the Company had two structured debt agreements secured by approximately $7.7 million of various investment securities. At December 31, 2016, the Company had four structured debt agreements secured by approximately $21.0 million of various investment securities. While these agreements are at fixed rates, they each have callable features and are subject to repricing at the option of the seller. Listed below is a summary of the terms and maturities of these structured agreements to repurchase that are in place at December 31, 2017:
(dollars in thousands) |  |  |  |
Maturity |  | Amount |  | Rate
March 14, 2018 |  | $ | 3,600 |  | 2.75%
September 15, 2018 |  |  | 3,600 |  | 2.55%
|  | $ | 7,200 |  | 2.65%
The Company also has an unsecured, interest only line of credit for $15 million with another financial institution which was unused at December 31, 2017. The line of credit bears interest at LIBOR plus 2.50% and matures on June 30, 2020. The loan agreement contains various financial covenants related to capital, earnings and asset quality.

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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 and repurchase agreement. + References No definition available. + Details
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