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Borrowed Funds

12 Months Ended

Dec. 31, 2011

Note 8.

Borrowed Funds

Borrowed funds at December 31, 2011 consist of borrowings from the FHLB as follows:

	Weighted-
Stated	Average
Maturity	Interest Rate			Amount

2012		4.33	%	$	13,000,000
2013		0.98			4,750,000
2014		1.31			3,500,000
2015		1.68			1,500,000
2016		-			-
Thereafter		2.65			3,000,000
		2.95	%	$	25,750,000

Borrowed funds at December 31, 2010 included borrowings from the FHLB of $49,250,000. Such borrowings carried a weighted-average interest rate of 3.77% with maturities ranging from 2010 through 2020.

The FHLB borrowings are collateralized by FHLB stock and qualifying first and second mortgage loans representing various percentages of the total borrowings outstanding. At December 31, 2011, loans with a principal balance of $178,237,915 were pledged to the FHLB.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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