FHLB Advances

The Company had outstanding FHLB advances of $191.0 million and $106.9 million as of December 31, 2015 and 2014, respectively. As of December 31, 2015, the interest rates on the Company’s outstanding FHLB advances ranged from 0.00% to 4.22%, with a weighted average interest rate of 0.81%. All advances are collateralized by mortgage loans pledged and held by the Company and investment securities pledged by the Company and held in safekeeping with the FHLB. Mortgage loans pledged were approximately $186.4 million and $212.6 million as of December 31, 2015 and 2014, respectively, and the fair value of investment securities pledged to the FHLB was approximately $148.7 million and $128.2 million as of December 31, 2015 and 2014, respectively.

The Company’s FHLB advances are scheduled to mature according to the following schedule:



	Amount
2016	$	83,000
2017	—
2018	3,000
2019	—
2020	50,000
Thereafter	55,000
	191,000
Deferred prepayment penalties on advance restructure	(43		)
	$	190,957

As of December 31, 2015, the Company had a $50.0 million option-embedded advance that is scheduled to mature on April 17, 2020. The advance will convert from a variable rate of 3-month LIBOR minus 0.75% to a fixed rate equal to 1.0525% on April 18, 2016. The FHLB has the option to put the advance prior to its scheduled maturity date. If the advance is put by the FHLB, the Company has the option to request to convert the advance to an adjustable rate advance of predetermined index for the remaining term to maturity, at the FHLB’s discretion.

As of December 31, 2015 the Company had a $40.0 million symmetrical fixed rate bullet advance that is scheduled to mature on January 19, 2021. The terms of the advance allow the Company to terminate the advance prior to its scheduled maturity date. If the Company elects to terminate the advance prior to its scheduled maturity date and the interest rate for the advance is above market rates relative to an advance with a similar remaining term, the Company will be required to pay a prepayment fee based on the mark-to-market adjustment of the advance. If the Company elects to terminate the advance prior to its scheduled maturity date and the interest rate for the advance is below market rates relative to an advance with a similar remaining term, the Company would be eligible for a prepayment credit and could realize a gain, which is limited to 10% of the advance principal balance, when the advance is prepaid.

As of December 31, 2015, the Company had a $15.0 million fixed rate advance that is scheduled to mature on September 2, 2025. The FHLB has a one-time option to put the advance on September 2, 2020. If the FHLB exercises its option to put the advance, the advance will be prepayable without a fee at the Company’s option on the exercise date. If the Company requests to convert the advance to an adjustable rate after the FHLB has put the advance, the Company may prepay the advance without a fee on any subsequent quarterly reset date.