BORROWED FUNDS

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

NOTE 10—BORROWED FUNDS:

The components of borrowings are as follows (dollars in thousands):

December 31, 2014
Type	Maturity Date		Interest Rate			Oustanding
FHLB		01/15/15		0.35	%		$	25,000
FHLB		02/23/15		0.88				10,000
FHLB		03/02/15		0.35				25,000
FHLB		03/30/15		0.38				25,000
FHLB		03/31/15		0.37				25,000
FHLB		05/01/15		0.39				25,000
FHLB		05/07/15		0.81				15,000
FHLB		05/11/15		2.17				525
FHLB		05/11/15		2.91				5,000
FHLB		06/01/15		0.41				25,000
FHLB		06/01/15		0.46				25,000
FHLB		06/09/15		0.44				25,000
FHLB		06/26/15		0.48				25,000
FHLB		08/05/15		1.49				2,000
FHLB		08/03/16		1.93				10,000
FHLB		08/26/16		1.04				5,000
FHLB		10/11/16		1.15				5,000
FHLB		01/23/17		1.16				10,000
FHLB		04/28/17		1.26				5,000
REPO		06/15/17		5.95				15,000
FHLB		06/26/17		1.30				25,000
FHLB		07/08/17		1.29				5,000
FHLB		09/25/17		1.41				11,000
FHLB		02/12/18		1.56				10,000
FHLB		04/02/18		2.50				2,500
FHLB		04/02/18		1.98				7,500
FHLB		04/30/18		1.75				5,000
FHLB		07/16/18		2.99				5,000
REPO		08/08/18		5.85				16,000
FHLB		09/11/18		4.15				5,000
FHLB		10/23/18		1.68				10,000
FHLB		11/19/18		1.68				10,000
FHLB		12/17/18		1.78				25,000
FHLB		01/30/19		1.79				4,000
FHLB		02/11/19		1.99				6,000
FHLB		10/30/20		3.23				20,000
FHLB		11/02/20		3.61				20,000
								494,525
Add Fair Value Mark:								1,028
							$	495,553

December 31, 2013
Type	Maturity Date		Interest Rate			Oustanding
REPO		06/15/17		5.95	%		$   15,000
FHLB		11/16/17		3.18			5,000
FHLB		11/16/17		3.29			5,000
FHLB		11/16/17		3.10			5,000
FHLB		11/16/17		3.49			10,000
FHLB		11/27/17		3.16			5,000
FHLB		11/27/17		3.40			5,000
FHLB		01/03/18		3.25			4,000
FHLB		01/03/18		2.99			3,000
FHLB		01/03/18		2.74			3,000
FHLB		01/31/18		3.34			10,000
FHLB		01/31/18		2.44			10,000
FHLB		01/31/18		2.78			5,000
REPO		08/08/18		5.85			16,000
FHLB		09/12/18		4.16			5,000
FHLB		11/02/20		3.62			20,000
FHLB		11/30/20		3.24			20,000
							$146,000

Three of the FHLB notes ($2,500,000 and $7,500,000 each due April 2, 2018, and $5,000,000 due July 16, 2018) contain a convertible option which allows the FHLB, at quarterly intervals as, to convert the fixed convertible advance into replacement funding for the same or lesser principal based on any advance then offered by the FHLB at their current market rate. The Company has the option to repay these advances, if converted, without penalty. The remaining advances are payable at its stated maturity, with a prepayment penalty for fixed rate advances. All FHLB advances are fixed while the REPOs are variable rate advances. The advances at December 31, 2014 were collateralized by approximately $772,000,000 of commercial mortgage loans, net of required over collateralization amounts, under a blanket lien arrangement. At December 31, 2014 the Company had remaining borrowing capacity of approximately $308,000,000.

On September 30, 2014, the Company extinguished $70,000,000 of FHLBNY advances with a weighted average rate of 3.1 percent and a weighted average maturity of 3.2 years. The advances were putable at the option of the FHLBNY. A pre-tax prepayment penalty of $4.6 million associated with the extinguishment was recorded to noninterest expense.