5. FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

Advances from the Federal Home Loan Bank of New York (FHLB) totaled $20.9 million and $24.1 million at June 30, 2011 and December 31, 2010, respectively, with a weighted average interest rate of 3.37 percent and 3.58 percent, respectively. Advances totaling $1.0 million at June 30, 2011, have fixed maturity dates, while advances totaling $905 thousand were amortizing advances with monthly payments of principal and interest. These advances are secured by blanket pledges of certain 1-4 family residential mortgages totaling $77.9 million at June 30, 2011.

At June 30, 2011, the Corporation had $19.0 million in fixed rate advances that were initially noncallable for one, two or three years and then callable quarterly with final maturities of three to ten years. These advances are secured by pledges of investment securities totaling $25.3 million at June 30, 2011.

There were no overnight borrowings at June 30, 2011 or at December 31, 2010. Overnight borrowings from the FHLB averaged $1.86 million with a weighted average interest rate of 0.35 percent for the six months ended June 30, 2011. There were no overnight borrowings for the six months ended June 30, 2010.

The final maturity dates of the advances and other borrowings are scheduled as follows:

(In thousands)
2011		225
2012		5,462
2013		218
2014		-
2015		3,000
Over 5 years		12,000
Total	$	20,905