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6. Federal Home Loan Bank and Federal Reserve Bank Borrowings

12 Months Ended

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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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

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-Publisher FASB

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-Number 47

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