FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

6 Months Ended

Jun. 30, 2012

Federal Home Loan Bank Advances And Other Borrowings

FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

5. FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

Advances from the Federal Home Loan Bank of New York (FHLB) totaled $16.5 million and $17.7 million at June 30, 2012 and December 31, 2011, respectively, with a weighted average interest rate of 3.51 percent and 3.50 percent, respectively. At June 30, 2012 advances totaling $451 thousand with a weighted average interest rate of 3.73 percent 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 $58.3 million at June 30, 2012.

Also at June 30, 2012, the Corporation had $16.0 million in variable rate advances, with a weighted average interest rate of 3.45 percent, that are noncallable for one, two or three years and then callable quarterly with final maturities of five, seven or ten years from the original date of the advance. All of these advances are beyond their initial noncallable periods. These advances are secured by pledges of investment securities totaling $17.0 million at June 30, 2012.

There were no overnight borrowings at June 30, 2012 and December 31, 2011. Overnight borrowings from the FHLB averaged $19.6 million with a weighted average interest rate of 0.37 percent for the six months ended June 30, 2012.

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

(In thousands)
2012	$	4,233
2013		218
2014		—
2015		—
2016		—
Over 5 years		12,000
Total	$	16,451