NOTES PAYABLE
 12 Months Ended
Dec. 31, 2016
Notes Payable [Abstract]  
NOTES PAYABLE
NOTE 9. NOTES PAYABLE

 

The Company had the following notes payable as of December 31:

 

(in thousands)   2016     2015  
Joint Venture note   $ -     $ 9,412  
FHLB advances     1,000       6,000  
Notes Payable   $ 1,000     $ 15,412  

 

At the completion of the construction of the Company’s headquarters building in 2005 and as part of a joint venture investment related to the building, the Company and the other joint venture partners guaranteed a joint venture note to finance certain costs of the building. The joint venture note was secured by the building, bore a fixed rate of 5.81% and required monthly principal and interest payments until its maturity on June 1, 2016. In April of 2016, this note was refinanced with the Bank and is therefore eliminated through the consolidation process.

 

The FHLB advances bear fixed rates, require interest-only monthly payments, and mature in February 2018. The weighted average rate of the FHLB advances was 1.17% and 0.83% at December 31, 2016 and 2015, respectively. The FHLB advances are collateralized by a blanket lien on qualifying first mortgages, home equity loans, multi-family loans and certain farmland loans which had a pledged balance of $283.8 million and $154.3 million at December 31, 2016 and 2015, respectively.

  

The following table shows the maturity schedule of the notes payable as of December 31, 2016.

 

Maturing in:   (in thousands)  
2017   $ -  
2018     1,000  
    $ 1,000  

 

The Company has a $10 million line of credit with a third party bank, bearing a variable rate of interest based on one-month LIBOR plus a margin, but subject to a floor rate, with quarterly payments of interest only. At December 31, 2016, the available line was $10 million, the rate was one-month LIBOR plus 2.25% with a 3.25% floor. The outstanding balance was zero at December 31, 2016 and 2015, and the line was not used during 2016 or 2015.