10.

ADVANCES FROM FEDERAL HOME LOAN BANK AND GUARANTEED JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES

Advances from the FHLB consist of the following:

	AT DECEMBER 31, 2014
MATURING	WEIGHTED AVERAGE YIELD		BALANCE

	(IN THOUSANDS, EXCEPT RATES)
2015		0.52		4,000
2016		0.81		12,000
2017		1.06		12,000
2018		1.51		10,000
2019		1.88		4,000
Total advances from FHLB		1.12		42,000

	AT DECEMBER 31, 2013
MATURING	WEIGHTED AVERAGE YIELD		BALANCE

	(IN THOUSANDS, EXCEPT RATES)
2015		0.52		4,000
2016		0.81		12,000
2017		1.07		7,000
2018		1.47		2,000
Total advances from FHLB		0.89		25,000

The Company's subsidiary Bank is a member of the FHLB which provides this subsidiary with the opportunity to obtain short to longer-term advances based upon the Company's investment in assets secured by one- to four-family residential real estate and certain types of CRE. The rate on open repo plus advances, which are typically overnight borrowings, can change daily, while the rate on the advances is fixed until the maturity of the advance. All FHLB stock along with an interest in certain residential mortgage and CRE loans with an aggregate statutory value equal to the amount of the advances, are pledged as collateral to the FHLB of Pittsburgh to support these borrowings. At December 31, 2014, the Company had immediately available $347 million of overnight borrowing capability at the FHLB and $39 million of unsecured federal funds lines with correspondent banks.

Guaranteed Junior Subordinated Deferrable Interest Debentures:

On April 28, 1998, the Company completed a $34.5 million public offering of 8.45% Trust Preferred Securities, which represent undivided beneficial interests in the assets of a Delaware business trust, AmeriServ Financial Capital Trust I. The Trust Preferred Securities will mature on June 30, 2028, and are callable at par at the option of the Company after June 30, 2003. Proceeds of the issue were invested by AmeriServ Financial Capital Trust I in Junior Subordinated Debentures issued by the Company. Unamortized deferred issuance costs associated with the Trust Preferred Securities amounted to $209,000 as of December 31, 2014 and are included in other assets on the Consolidated Balance Sheets, and are being amortized on a straight-line basis over the term of the issue. The Trust Preferred securities are listed on NASDAQ under the symbol ASRVP. The Company used $22.5 million of proceeds from a private placement of common stock to redeem Trust Preferred Securities in 2005 and 2004. The balance as of December 31, 2014 and 2013 was $13.1 million.