FEDERAL HOME LOAN BANK TERM ADVANCES AND OVERNIGHT ADVANCES

12 Months Ended

Dec. 31, 2013

FEDERAL HOME LOAN BANK TERM ADVANCES AND OVERNIGHT ADVANCES [Abstract]

FEDERAL HOME LOAN BANK TERM ADVANCES AND OVERNIGHT ADVANCES

(9)FEDERAL HOME LOAN BANK TERM ADVANCES AND OVERNIGHT ADVANCES

The following is a summary of Federal Home Loan Bank fixed rate advances at December 31, 2013 and 2012.  The carrying amount includes the advance balance plus purchase accounting adjustments that are amortized over the term of the advance:

2013
Amount		Rate			Maturity Date	Call Date
$	1,033,399		3.20	%	June 18,2014		-
	775,049		3.05	%	October 2, 2014		-
	4,133,594		3.84	%	October 20, 2014	January 20, 2014
	10,000,000		4.60	%	December 22, 2016		-
	4,133,594		3.90	%	October 19, 2017	January 19, 2014
	3,100,195		2.91	%	December 4, 2017	March 4, 2014
	2,066,797		3.05	%	January 2, 2018	April 1, 2014
$	25,242,628		3.93	%

2012
Amount		Rate			Maturity Date	Call Date
$	1,043,961		2.95	%	May 20, 2013		-
	782,971		2.62	%	October 2, 2013		-
	1,043,961		3.20	%	June 18,2014		-
	782,971		3.05	%	October 2, 2014		-
	4,175,846		3.84	%	October 20, 2014	January 22, 2013
	10,000,000		4.60	%	December 22, 2016		-
	4,175,846		3.90	%	October 19, 2017	January 22, 2013
	3,131,884		2.91	%	December 4, 2017	March 4, 2013
	2,087,923		3.05	%	January 2, 2018	April 1, 2013
$	27,225,363		3.86	%

Each advance is payable at its maturity date, with a prepayment penalty for term advances.  The advances were collateralized by $145,107,384 and $142,278,166 of first mortgage loans under a blanket lien arrangement at December 31, 2013 and 2012, respectively.  Based on this collateral and the Corporation’s holdings of FHLB stock, the Corporation is eligible to borrow up to a total of $73,083,424 at year-end 2013.