Note 6. Federal Home Loan Bank and Short-term Borrowings

The Bank owned 12,031 shares of common stock of the FHLB at December 31, 2015. The Bank is required to maintain an investment of 0.2% of total assets, adjusted annually, plus 4.5% of total advances, adjusted for advances and repayments. The credit available under this facility is determined at 20% of the Bank’s total assets, or approximately $71,817,000 at December 31, 2015. Long-term advances totaled $20,000,000 under this credit arrangement at December 31, 2015 (see Note 7). This credit facility is secured by a floating lien on the Bank’s residential mortgage loan portfolio. Average short-term borrowings under this facility approximated $21,918, $24,658, and $1,838,000 for 2015, 2014, and 2013, respectively.