Note 14.

FHLB

On December 31, 2014, the Bank had FHLB debt consisting of six advances (see table below). The $10 million advance was restructured during the second quarter of 2013 to extend the maturity and reduce the interest rate from 4.23% to a three month LIBOR-based hybrid floating rate advance. A $5 million advance with an interest rate of 2.69% matured in May 2014 and was replaced with a new $5 million three month LIBOR-based floating rate advance. Two $5 million advances were drawn in June 2014 and two $5 million advances were drawn in October 2014, all of which were fixed rate advances.

The six advances are shown in the following table.


Description	Balance		Originated		Current Interest Rate			Maturity Date

Adjustable Rate Hybrid	$	10,000,000		4/12/2013		2.61000	%		4/13/2020
Adjustable Rate Credit		5,000,000		5/20/2014		0.23185	%		5/20/2015
Fixed Rate Credit		5,000,000		6/18/2014		0.26000	%		6/18/2015
Fixed Rate Credit		5,000,000		6/26/2014		0.26000	%		6/26/2015
Fixed Rate Credit		5,000,000		10/20/2014		0.47000	%		4/20/2016
Fixed Rate Credit		5,000,000		10/20/2014		0.30000	%		10/20/2015

	$	35,000,000

Advances on the FHLB lines are secured by a blanket lien on qualified 1 to 4 family residential real estate loans. Immediate available credit, as of December 31, 2014, was $38.6 million against a total line of credit of $77.6 million.

As of December 31, 2013, the Company had $15.0 million in FHLB debt outstanding with an average interest rate of 2.48%.