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Federal Home Loan Bank Advances | 12 Months Ended
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Dec. 31, 2019
Federal Home Loan Bank Advances |
Federal Home Loan Bank Advances | Note 9 – Federal Home Loan Bank Advances The following table summarizes information relating to FHLB advances at or for the periods indicated:
|  | At or For the Year Ended |
|  | 2019 |  | 2018 |
|  | (Dollars in thousands) |
FHLB Advances: |  |  |  |  |  |  |
Average balance outstanding during the year |  | $ | 77,049 |  | $ | 74,729 |
Maximum amount outstanding at any month-end during the year |  | $ | 84,000 |  | $ | 98,000 |
Balance outstanding at end of year |  | $ | 84,000 |  | $ | 70,000 |
Weighted average interest rate at end of year |  |  | 2.32 | % |  | 2.51 | %
Average cost of advances during the year |  |  | 2.42 | % |  | 2.13 | %
Weighted average contractual maturity (in months) |  |  | 18 |  |  | 24 |
Each advance is payable at its maturity date, with a prepayment penalty. The advances were collateralized by $156.1 million and $151.0 million of first mortgage loans at year-end 2019 and 2018, respectively, under a blanket lien arrangement. Based on this collateral, the Company’s holdings of FHLB stock and a general borrowing limit of 30% of total assets, the Company is eligible to borrow up to an additional $59.4 million at year-end 2019. Required payments over the next five years are as follows:
|  | Amount
|  | (In thousands)
2020 |  | $ | 33,500
2021 |  |  | 22,500
2022 |  |  | 18,000
2023 |  |  | 5,000
2024 |  |  | 5,000
|  | $ | 84,000

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- Definition The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13(a)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 + Details
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