Federal Home Loan Bank Advances

12 Months Ended

Dec. 31, 2012

Federal Home Loan Bank Advances

Federal Home Loan Bank Advances

NOTE 10 Federal Home Loan Bank Advances

FHLB advances at December 31 consist of the following:

					Weighted
	Scheduled		Range of		Average
	Maturity		Rates		Rate		Amount
2012
Fixed rate, interest only		2013		2.58%-3.75%		3.09%	$	8,075
Variable rate, interest only		2013		1.13%		1.13%		6,000
Fixed rate, interest only		2014		2.69%-3.45%		3.18%		31,049
Variable rate, interest only		2014		1.40%		1.40%		5,000
Totals						2.74%	$	50,124
2011
Fixed rate, interest only		2013		2.58%-3.75%		3.09%	$	8,075
Variable rate, interest only		2013		1.25%		1.25%		6,000
Fixed rate, interest only		2014		2.69%-3.45%		3.18%		31,049
Variable rate, interest only		2014		1.52%		1.52%		5,000
Totals						2.77%	$	50,124

FHLB advances are subject to a prepayment penalty if they are repaid prior to maturity. PSB may draw upon an FHLB open line of credit up to approximately 65% of unencumbered one- to four-family residential first mortgage loans and 40% of residential junior mortgage loans pledged as collateral out of its portfolio. The FHLB advances are also secured by $2,506 of FHLB stock owned by PSB at December 31, 2012. PSB may draw both short-term and long-term advances on a maximum line of credit totaling approximately $90,867 based on pledged performing residential real estate mortgage collateral totaling $153,154 as of December 31, 2012. At December 31, 2012, PSB’s available and unused portion of this line of credit totaled approximately $38,797. PSB also has, under a current agreement with the FHLB, an ability to borrow up to $44,634 by pledging securities.

At December 31, 2012, FHLB advances drawn by PSB totaling greater than $50,124 would require PSB to purchase additional shares of FHLB capital stock. Transfer of FHLB stock is substantially restricted.