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Federal Home Loan Bank Advances and Other Borrowings | 12 Months Ended
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Dec. 31, 2018
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, 2018 the Company had $50.0 million in FHLB Advances. At December 31, 2017, the Company had $67.2 million 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. The FHLB advances are secured with approximately $597.6 million of mortgage loans and $3.6 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. There were no FHLB advances restructured during 2018. Listed below is a summary of the terms and maturities of the advances outstanding at December 31, 2018 and 2017. As of December 31, 2018, each of the Company’s advances were at fixed rates.
|  | December 31,
(dollars in thousands) |  |  |  |  | 2018 |  |  |  |  | 2017
Maturity |  | Amount |  | Rate |  | Amount |  | Rate
January 30, 2018 |  | $ | - |  | -% |  | $ | 5,000 |  | 4.06%
December 31, 2018 |  |  | - |  | -% |  |  | 30,000 |  | 1.59%
December 31, 2019 |  |  | 25,000 |  | 2.65% |  |  | - |  | -%
July 7, 2022 |  |  | 10,000 |  | 3.11% |  |  | 10,000 |  | 3.11%
July 7, 2023 |  |  | 15,000 |  | 3.53% |  |  | 15,000 |  | 3.53%
|  | $ | 50,000 |  | 3.01% |  | $ | 60,000 |  | 2.53%
At December 31, 2017, the Company had two structured debt agreements secured by approximately $7.7 million of various investment securities. Both agreements were repaid at maturity during 2018. The Company also has an unsecured, interest only line of credit for $15 million with another financial institution which was unused at December 31, 2018. 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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