FEDERAL HOME LOAN BANK ADVANCES

12 Months Ended

Dec. 31, 2011

FEDERAL HOME LOAN BANK ADVANCES [Abstract]

NOTE 10 – FEDERAL HOME LOAN BANK ADVANCES

The Banks own stock of the Federal Home Loan Bank of Cincinnati, Ohio (FHLB-Cin), and Federal Home Loan Bank of Pittsburgh, Pennsylvania (FHLB-Pitt). This stock allows the Banks to borrow advances from the FHLB.

At year-end, advances from these Federal Home Loan Banks were as follows:

	2011		2010
Payments due at maturity in March 2012, fixed rate at 1.81%	$	10,042	$	10,291
Payments due monthly with maturity in July 2012, fixed rate at 4.40%		41		205
Overnight borrowed funds		-		2,400
	$	10,083	$	12,896

Advances are secured by the FHLB stock, certain pledged investment securities and substantially all single family first mortgage loans of the participating Banks. Principal payments on all FHLB advances are due during the year ending December 31, 2012.

- 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.

+ References

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+ Details