Federal Home Loan Bank Advances

12 Months Ended

Dec. 31, 2013

Note 10 – Federal Home Loan Bank Advances

At year-end, advances from the Federal Home Loan Bank were as follows:

	Amount

	(In thousands)
December 31, 2013
Maturities October 2014 to December 2017, fixed rates at rates from 0.54% to 4.70%, averaging 1.53%	$	79,500




December 31, 2012
Maturities January 2014 to December 2017, fixed rates at rates from 0.91% to 4.70%, averaging 2.31%	$	79,500

Each advance is payable at its maturity date, with a prepayment penalty for fixed rate advances. The advances were collateralized by $159.6 million of first mortgage loans and $8.1 million of residential mortgage-backed securities at year-end 2013 and $185.0 million of first mortgage loans at year-end 2012 under a blanket lien arrangement. Based on this collateral, the Company's holdings of FHLB stock and a general borrowing limit of $100.0 million, the Company is eligible to borrow up to an additional $20.5 million at year-end 2013.

Required payments over the next five years are as follows:

	Amount

	(In thousands)
2014	$	2,500
2015		33,500
2016		7,000
2017		36,500
2018		-
Thereafter		-


	$	79,500

- 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+ Details