Borrowed Funds

Borrowed funds consist of advances from the 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. All FHLB advances as of December 31, 2017 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 $44,000,000 in credit lines with correspondent banks and a credit facility of $168,000,000 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, 2017 and 2016 have the following range of interest rates and maturity dates:



As of December 31, 2017
Federal Home Loan Bank Advances
2018	1.59% - 3.25%	$	43,074,000
2020	1.60% - 1.97%	55,000,000
2021	1.55%	10,000,000
2023 and thereafter	0.00% - 0.99%	50,120,000
		158,194,000
Repurchase agreements
Municipal and commercial customers	0.15% - 2.48%	70,564,000
		$	228,758,000



As of December 31, 2016
Federal Home Loan Bank Advances
2017	0.99% - 3.69%	$	74,600,000
2018	2.25% - 3.25%	30,000,000
2020	1.60% - 1.97%	55,000,000
2021	1.55%	10,000,000
2022 and thereafter	0.00% - 0.59%	25,127,000
		194,727,000
Repurchase agreements
Municipal and commercial customers	0.15% - 1.93%	84,174,000
		$	278,901,000