Note 10 - Long-term Debt

3 Months Ended

Mar. 31, 2016

10.	LONG-TERM DEBT

The Company uses

FHLB advances as an alternative to funding sources with similar maturities, such as certificates of deposit or other deposit programs. These advances generally offer more attractive rates than other mid-term financing options. They are also flexible, allowing the Company to quickly obtain the necessary maturities and rates that best suit its overall asset/liability strategy. The Company had long-term FHLB advances outstanding of $5.0 million as of both March 31, 2016 and December 31, 2015.

Assets pledged associated with FHLB advances totaled $8.1 million and $14.0 million as of March 31, 2016 and

December 31, 2015, respectively. As of March 31, 2016 and December 31, 2015, the Bank had $167.7 million and $152.5 million, respectively, in remaining credit from the FHLB (subject to available collateral).