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Borrowed Funds | 12 Months Ended
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Dec. 31, 2014
Borrowed Funds [Abstract] |
Borrowed Funds | Borrowed Funds Borrowed funds consist of advances from the Federal Home Loan Bank of Boston (FHLB) and securities sold under agreements to repurchase with municipal and commercial customers. Pursuant to collateral agreements, FHLB advances are collateralized by all stock in FHLB, qualifying first mortgage loans, U.S. Government and Agency securities not pledged to others, and funds on deposit with FHLB. As of December 31, 2014, the Bank's total FHLB borrowing capacity, based on its holding of FHLB stock, was $232,000,000 of which $26,800,000 was unused and available for additional borrowings. All FHLB advances as of December 31, 2014, had fixed rates of interest until their respective maturity dates. Securities sold under agreements to repurchase include U.S. agencies securities and other securities. Repurchase agreements have maturity dates ranging from one to 365 days. The Bank also has in place $48,000,000 in credit lines with correspondent banks and a credit facility of $92,000,000 with the Federal Reserve Bank of Boston using commercial and home equity loans as collateral which are currently not in use. Borrowed funds at December 31, 2014 and 2013 have the following range of interest rates and maturity dates:
As of December 31, 2014 |  |
Federal Home Loan Bank Advances |  |
2015 | 0.22% - 2.98% | $ | 115,050,000 |
2016 | 2.36% - 2.44% | 30,000,000 |
2017 | 0.99% - 3.69% | 30,000,000 |
2018 | 2.25% - 3.25% | 30,000,000 |
2019 | 0.00% | — |
2020 and thereafter | 0.00% | 141,000 |
|  | 205,191,000 |
Repurchase agreements |  |
Municipal and commercial customers | 0.20% - 1.89% | 74,725,000 |
|  | $ | 279,916,000 |
As of December 31, 2013 |  |
Federal Home Loan Bank Advances |  |
2014 | 0.28%-3.20% | $ | 54,500,000 |
2015 | 2.03%-2.98% | 40,000,000 |
2016 | 2.36%-2.44% | 30,000,000 |
2017 | 0.99%-3.69% | 30,000,000 |
2018 | 2.25%-3.25% | 30,000,000 |
2019 and thereafter | 0.00% | 148,000 |
|  | 184,648,000 |
Repurchase agreements |  |
Municipal and commercial customers | 0.20%-1.89% | 94,477,000 |
|  | $ | 279,125,000 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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