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Long-term Borrowings
 12 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
Long-term Borrowings

Note 7. Long-term Borrowings

 

Long-term borrowings are as follows:

 

  2015  2014  2013 
          
Federal Home Loan Bank of Atlanta,  convertible advances $20,000,000  $20,000,000  $20,000,000 

 

The Federal Home Loan Bank of Atlanta, convertible advances total includes the following:

 

A $10,000,000 convertible advance issued in 2007, which has a final maturity of November, 1, 2017, but is callable monthly. This advance has a 3.28% interest rate, with interest payable monthly. The proceeds of the convertible advance were used to fund loans and purchase investment securities.

 

 

A $5,000,000 convertible advance issued in 2008, which has a final maturity of July 23, 2018, but is callable quarterly starting July 23, 2009. This advance has a 2.73% interest rate, with interest payable quarterly. The proceeds of the convertible advance were used to fund loans.

 

A $5,000,000 convertible advance issued in 2008, which has a final maturity of August 22, 2018, but is callable quarterly starting August 22, 2011. This advance has a 3.34% interest rate, with interest payable quarterly. The proceeds of the convertible advance were used to fund loans.

 

At December 31, 2015, the scheduled maturities of long-term borrowings are as follows:

 

  2015 
    
2017 $10,000,000 
2018  10,000,000 
  $20,000,000