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FEDERAL HOME LOAN BANK TERM ADVANCES AND OVERNIGHT ADVANCES

12 Months Ended

Dec. 31, 2014

FEDERAL HOME LOAN BANK TERM ADVANCES AND OVERNIGHT ADVANCES [Abstract]

FEDERAL HOME LOAN BANK TERM ADVANCES AND OVERNIGHT ADVANCES

(9) FEDERAL HOME LOAN BANK TERM ADVANCES AND OVERNIGHT ADVANCES

The following is a summary of Federal Home Loan Bank fixed rate advances at December 31, 2014 and 2013.  The carrying amount includes the advance balance plus purchase accounting adjustments that are amortized over the term of the advance (amounts in thousands):

2014
	Amount			Rate				Maturity Date		Call Date
$	30,830				0.32	%		January 2, 2015		-
	10,000				4.60	%		December 22, 2016		-
	4,138				3.90	%		October 19, 2017		January 19, 2015
	3,103				2.91	%		December 4, 2017		March 3, 2015
	2,069				3.05	%		January 2, 2018		April 1, 2015
$	50,140				1.73	%

2013
	Amount			Rate				Maturity Date		Call Date
$	1,033				3.20	%		June 18,2014		-
	775				3.05	%		October 2, 2014		-
	4,134				3.84	%		October 20, 2014		January 20, 2014
	10,000				4.60	%		December 22, 2016		-
	4,134				3.90	%		October 19, 2017		January 19, 2014
	3,100				2.91	%		December 4, 2017		March 4, 2014
	2,067				3.05	%		January 2, 2018		April 1, 2014
$	25,243				3.93	%

Each advance is payable at its maturity date, with a prepayment penalty for term advances.  The advances were collateralized by $152.7 million and $145.1 million of first mortgage loans under a blanket lien arrangement at December 31, 2014 and 2013, respectively.  Based on this collateral and the Corporation’s holdings of FHLBNY stock, the Corporation is eligible to borrow up to a total of $86.0 million at year-end 2014.

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- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 470

-Section 45

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-URI http://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822



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-Name Accounting Standards Codification

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-Publisher FASB

-Name Accounting Standards Codification

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-Name Accounting Standards Codification

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