Note 10 - Long-term Debt

12 Months Ended

Dec. 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. FHLB advances with an original maturity of more than

one

year are classified as long-term. The Company had long-term FHLB advances outstanding of

$15.0

million and

$5.0

million as of

December

31,

2016

and

2015,

respectively.

The following summarizes information concerning long-term FHLB advances and other borrowings:

	2016			2015
	(Dollars in Thousands)
Balance at year-end	$	15,000		$	5,000
Average balance during the year		12,404			4,178
Maximum month-end balance during the year		15,000			5,000
Average rate paid during the year		0.71	%		0.59	%
Weighted average remaining maturity (in years)		0.67 years			1.33 years

Assets pledged associated with FHLB advances totaled

$28.0

million and

$14.0

million as of

December

31,

2016

and

2015,

respectively. As of

December

31,

2016

and

2015,

the Bank had

$155.0

million and

$152.5

million,

respectively, in remaining credit from the FHLB (subject to available collateral).