Notes Payable and Other Short-term Borrowings

12 Months Ended

Dec. 31, 2012

Notes Payable and Other Short Term Borrowings [Abstract]

Notes Payable and Other Short Term Borrowings Disclosure [Text Block]

14. Notes Payable and Other Short-term Borrowings

Total short-term borrowings, revolving and term debt is summarized as follows:

	Years Ended December 31
	2012			2011
	(In Thousands, Except Percentages)
Securities sold under agreement to repurchase
Amounts outstanding at year-end	$	51,702		$	60,386
Year-end interest rate		0.63	%		0.92	%
Average daily balance during year		53,171			56,495
Maximum month-end balance during the year		57,050			61,240
Average interest rate during the year		0.70	%		0.94	%

As of December 31, 2012 and December 31, 2011, First Federal Bank had the following lines of credit facilities available for short-term borrowing purposes:

A $10.2 million line of credit with the Federal Reserve Bank Discount Window at an interest rate of 50 basis points over the fed funds rate. The fed funds rate as of December, 31, 2012 was 0.25%.

A $15 million line of credit with the Bank of America. The rate on this line of credit is Bank of America’s fed funds rate, which floats daily.

Further, the Company has agreed with its primary regulator not to incur, issue, renew or roll-over any debt, increase any current lines of credit, or guarantee the debt of any entity without the Federal Reserve’s prior approval.