SHORT-TERM FEDERAL HOME LOAN BANK ADVANCES

12 Months Ended

Dec. 31, 2014

SHORT-TERM FEDERAL HOME LOAN BANK ADVANCES [Abstract]

SHORT-TERM FEDERAL HOME LOAN BANK ADVANCES

8.	SHORT-TERM FEDERAL HOME LOAN BANK ADVANCES

Short-term FHLB advances totaled $25.0 million at December 31, 2014 and 2013. The short-term FHLB advances at December 31, 2014 consisted of one FHLB advance with a maturity of 87 days at a fixed interest rate of 0.13%. The short-term FHLB advances at December 31, 2013 consisted of one FHLB advance with a maturity of 87 days at a fixed interest rate of 0.15%.

The short-term and long-term FHLB advances at December 31, 2014 and 2013 are collateralized by a blanket lien on first mortgages and other qualifying loans totaling $364.4 million and $180.6 million, respectively.

As of December 31, 2014 and 2013, the Company had $314.2 million and $130.4 million, respectively, of additional FHLB advances available.

- Definition

The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances.

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