ADVANCES FROM FEDERAL HOME LOAN BANK

12 Months Ended

Dec. 31, 2011

(10)	ADVANCES FROM FEDERAL HOME LOAN BANK

At December 31, 2011 and 2010, advances from the Federal Home Loan Bank were as follows:


	2011					2010
	Weighted					Weighted
	Average					Average
(Dollars in thousands)	Rate			Amount		Rate			Amount
Fixed rate advances		3.78	%	$	12,350		4.05	%	$	15,729

At December 31, 2011, advances from the Federal Home Loan Bank totaling $10.0 million carried a put option whereby the Federal Home Loan Bank will automatically convert the fixed rate advance to a variable rate should the market interest rate exceed a pre-determined strike rate.

The following is a schedule of maturities for advances outstanding as of December 31, 2011:


(In thousands)
Due in:

2012	$	7,250
2013		5,100
2014		0
2015		0
2016		0
Thereafter		0

Total	$	12,350

The advances are secured under a blanket collateral agreement. At December 31, 2011, the carrying value of residential mortgage loans and a mutual fund investment pledged as security for the advances was $84.0 million and $1.5 million, respectively.

- 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

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+ Details