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6. Federal Home Loan Bank and Federal Reserve Bank Borrowings
 12 Months Ended
Dec. 31, 2017
Banking and Thrift [Abstract]  
Federal Home Loan Bank and Federal Reserve Bank Borrowings

The Bank had no borrowing from the FHLB at December 31, 2017. The Bank had borrowings from the FHLB totaling $20 million at December 31, 2016. FHLB borrowings are collateralized by a blanket assignment on all residential first mortgage loans, home equity lines of credit and loans secured by multi-family real estate that the Bank owns. At December 31, 2017, the carrying value of loans pledged as collateral totaled approximately $137.5 million. The remaining availability under the line of credit with the FHLB was $87.2 million at December 31, 2017.

 

Borrowings from the FHLB outstanding at December 31, 2016 consisted of the following:

 

December 31, 2016  
(Dollars in thousands)                    
                     
Maturity Date   Call Date   Rate   Rate Type   Amount  
October 17, 2018     N/A   4.050%   Adjustable Rate Hybrid     5,000  
                       
October 17, 2018     N/A    4.065%     Adjustable Rate Hybrid     5,000  
                       
October 17, 2018     N/A   4.120%     Adjustable Rate Hybrid     5,000  
                         
May 8, 2018     N/A    2.683%     Adjustable Rate Hybrid     5,000  
                    $ 20,000  

 

The Bank is required to purchase and hold certain amounts of FHLB stock in order to obtain FHLB borrowings. No ready market exists for the FHLB stock, and it has no quoted market value. The stock is redeemable at $100 per share subject to certain limitations set by the FHLB. The Bank owned $978,000 and $1.8 million of FHLB stock, included in other investments, at December 31, 2017 and 2016, respectively.

 

The Bank prepaid FHLB borrowings totaling $20.0 million in 2017 with prepayment penalties totaling $508,000. The Bank prepaid FHLB borrowings totaling $23.5 million in 2016 with prepayment penalties totaling $1.3 million.

 

As of December 31, 2017 and 2016, the Bank had no borrowings from the Federal Reserve Bank (“FRB”). FRB borrowings are collateralized by a blanket assignment on all qualifying loans that the Bank owns which are not pledged to the FHLB. At December 31, 2017, the carrying value of loans pledged as collateral totaled approximately $408.5 million. Availability under the line of credit with the FRB was $315.2 million at December 31, 2017.