Federal Home Loan Bank Advances

12 Months Ended

Dec. 31, 2013

Note 9 – Federal Home Loan Bank Advances

Long term debt consists of various loans from the Federal Home Loan Bank. Repayment structures vary, ranging from monthly installments, annual payments or upon maturity. Interest payments are due monthly. As of December 31, 2013, the Bank has only one loan which was structured as a single maturity with an interest rate on the loan of 2.30%. Total borrowings were $4.5 million and $11.6 million for 2013 and 2012, respectively. The advances are secured by $24.3 and $26.8 million of mortgage loans as of December 31, 2013 and 2012, respectively under a blanket collateral agreement.

The advance is subject to prepayment penalty and the provisions and conditions of the credit policy of the Federal Home Loan Bank. Future obligations of the advances are as follows at December 31, 2013:


	(In Thousands)
2014	$	4,500
2015		—
2016		—

	$	4,500

- 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.

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