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Federal Home Loan Bank Advances
 12 Months Ended
Dec. 31, 2012
Federal Home Loan Bank Advances/Regulatory Matters [Abstract]  
FEDERAL HOME LOAN BANK ADVANCES

NOTE 7 – FEDERAL HOME LOAN BANK ADVANCES

Federal Home Loan Bank (“FHLB”) advances totaled $35.0 million at December 31, 2012. The FHLB advances mature at varying dates from March 2017 through September 2017, with fixed rates of interest from 1.22% to 1.51% and averaging 1.35%. FHLB advances totaled $45.0 million at December 31, 2011. The FHLB advances matured at varying dates ranging from March 2012 through January 2014, with fixed rates of interest from 3.04% to 4.42% and averaging 3.57%.

During the third quarter of 2012, we modified the terms of two existing FHLB advances (totaling $15.0 million), extending the weighted average maturity from 1.3 years to 5.0 years and decreasing the weighted average interest rate from 3.10% to 1.51%. As the modification did not result in the terms being substantially different as defined by current accounting guidance, the transaction was accounted for as a modification, not extinguishment of debt. Accordingly, the prepayment fees incurred are amortized as an adjustment to the interest rate over the life of the new five-year advance.

Each advance is payable at its maturity date, and is subject to a prepayment fee if paid prior to the maturity date. The advances are collateralized by residential mortgage loans, first mortgage liens on multi-family residential property loans, first mortgage liens on commercial real estate property loans, and substantially all other assets of our Bank, under a blanket lien arrangement. Our borrowing line of credit as of December 31, 2012 totaled $137.3 million, with availability of $96.3 million.

Maturities over the next five years are:

 

         

2013

   $ 0  

2014

     0  

2015

     0  

2016

     0  

2017

     35,000,000