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BORROWINGS
12 Months Ended
Dec. 31, 2011
Borrowings [Abstract]  
BORROWINGS
BORROWINGS

Borrowings as of December 31, 2011 consisted of an FHLB borrowing of $0.7 million with an interest rate of 50 bps that matures in 2020, a capital lease of $0.3 million with an interest rate of 1.60%, and $1.9 million in participations sold (that do not qualify for "sold" treatment under GAAP), with an effective interest rate of 3.57% . Please see Note 9 for details on leases. Interest expense on advances from FHLB for the years ended December 31, 2011 and December 31, 2010 was $3.7 thousand and $3.2 thousand, respectively. The maximum FHLB advances outstanding for the year ended December 31, 2011, was $0.7 million. As of December 31, 2011, the Bank had $0.7 million of outstanding advances with the FHLB, and had the borrowing availability of an additional $7.5 million from the FHLB. Pursuant to collateral agreements with the FHLB, advances are secured by FHLB stock, and qualifying loans totaling $10.9 million and $12.9 million as of December 31, 2011 and December 31, 2010, respectively.

The Company has federal funds lines of credit with two correspondent banks totaling $7.0 million.  The Company periodically tests its federal funds lines of credit with its correspondent banks.  These lines were tested quarterly in the year ended December 31, 2011.

The following is the outstanding principal maturities and interest rate of the Company's FHLB advances:
December 31, 2011
Maturity Date
 
Amount
Rate
 
(Dollars in thousands)
 
 
 
 
2012
 
$
22

0.50

%
2013
 
22

0.50

%
2014
 
23

0.50

%
2015
 
24

0.50

%
2016
 
24

0.50

%
thereafter
 
610

0.50

%
 
 
$
725

0.50

%