NOTE 9 – BORROWINGS

At December 31, 2013, the Bank had secured borrowing potential with the Federal Home Loan Bank of New York (“FHLBNY”) for borrowings of up to $53.9 million and a $7.0 million line of credit at Atlantic Central Bankers Bank (“ACBB”). The borrowings at the FHLBNY are secured by a pledge of qualifying residential and commercial mortgage loans, having an aggregate unpaid principal balance of approximately $62.5 million. At December 31, 2013, the Bank had the ability to borrow up to $12.9 million at FHLBNY and $7.0 million at ACBB.

Long-Term Borrowings

At December 31, 2013 and 2012 the Bank had the following long-term borrowings from the FHLBNY:


(Dollars in thousands)
	Interest	Balance at December 31,
Maturity Date	Rate	2013		2012

December 7, 2016	4.00%	$	5,000	$	5,000
June 21, 2017	4.60%		6,000		6,000
December 7, 2017	3.97%		5,000		5,000
December 26, 2017	3.66%		5,000		5,000
December 26, 2017	3.79%		5,000		5,000
January 1, 2018	1.98%		5,000		-
July 17, 2018	1.65%		5,000		-
September 19, 2018	1.83%		5,000		-
		$	41,000	$	26,000

Maturities of debt in years subsequent to December 31, 2013 are as follows:


(Dollars in thousands)

Within one year	$	-
One to two years		-
Two to three years		5,000
Three to four years		21,000
Four to five years		15,000
After five years		-
	$	41,000

At December 31, 2013 the Company had $41.0 million in advances, of which, $11.0 million were convertible notes that contain an option which allows the FHLBNY, at quarterly intervals, to convert the fixed convertible advance into replacement funding for the same or lesser principal amount based on any advance then offered by the FHLBNY at their current market rates.