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6. Federal Home Loan Bank and Federal Reserve Bank Borrowings | 12 Months Ended
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Dec. 31, 2012
Banking and Thrift [Abstract] |
6. Federal Home Loan Bank and Federal Reserve Bank Borrowings |
(6) | Federal Home Loan Bank and Federal Reserve Bank Borrowings
The Bank has borrowings from the FHLB with monthly or quarterly interest payments at December 31, 2012. The FHLB borrowings are collateralized by a blanket assignment on all residential first mortgage loans, home equity lines of credit and loans secured by multi-family real estate that the Bank owns. At December 31, 2012, the carrying value of loans pledged as collateral totaled approximately $138.7 million. As additional collateral, the Bank has pledged securities to the FHLB. At December 31, 2012, the market value of securities pledged to the FHLB totaled $17.8 million. Borrowings from the FHLB outstanding at December 31, 2012 consist of the following:
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |
Maturity Date |  | Call Date |  |  | Rate |  | Rate Type |  | Amount |
June 24, 2015 |  |  | N/A |  |  |  | 3.710 | % | Convertible |  | $ | 5,000 |
March 25, 2019 |  |  | N/A |  |  |  | 4.260 | % | Convertible |  |  | 5,000 |
October 5, 2016 |  |  | N/A |  |  |  | 4.450 | % | Convertible |  |  | 5,000 |
November 12, 2014 |  |  | N/A |  |  |  | 2.230 | % | Fixed Rate Hybrid |  |  | 5,000 |
November 13, 2017 |  |  | N/A |  |  |  | 4.260 | % | Fixed Rate Hybrid |  |  | 15,000 |
October 17, 2016 |  |  | N/A |  |  |  | 3.820 | % | Adjustable Rate Hybrid |  |  | 5,000 |
October 17, 2018 |  |  | N/A |  |  |  | 3.500 | % | Adjustable Rate Hybrid |  |  | 5,000 |
October 17, 2018 |  |  | N/A |  |  |  | 3.740 | % | Adjustable Rate Hybrid |  |  | 15,000 |
October 17, 2018 |  |  | N/A |  |  |  | 3.515 | % | Adjustable Rate Hybrid |  |  | 5,000 |
October 17, 2018 |  |  | N/A |  |  |  | 3.570 | % | Adjustable Rate Hybrid |  |  | 5,000 |
|  |  |  |  |  |  |  |  |  |  | $ | 70,000 |
The Bank is required to purchase and hold certain amounts of FHLB stock in order to obtain FHLB borrowings. No ready market exists for the FHLB stock, and it has no quoted market value. The stock is redeemable at $100 per share subject to certain limitations set by the FHLB. The Bank owned $4.7 million and $4.9 million of FHLB stock at December 31, 2012 and 2011, respectively. As of December 31, 2012 and 2011, the Bank had no borrowings from the Federal Reserve Bank (“FRB”). FRB borrowings are collateralized by a blanket assignment on all qualifying loans that the Bank owns which are not pledged to the FHLB. At December 31, 2012, the carrying value of loans pledged as collateral totaled approximately $313.7 million.

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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 Statement of Financial Accounting Standard (FAS) -Number 47 -Paragraph 17 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Audit and Accounting Guide (AAG) -Number AAG-DEP -Paragraph 37 -IssueDate 2006-05-01 -Chapter 15 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher OTS -Name Federal Regulation (FR) -Number Title 12 -Section 563c.102 -Paragraph 15, 18 -Chapter V -Subsection I -LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy. It will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 01-6 -Paragraph 14 -Subparagraph h -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13(a)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 + Details
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