ADVANCES FROM FEDERAL HOME LOAN BANK

12 Months Ended

Dec. 31, 2012

(10)	ADVANCES FROM FEDERAL HOME LOAN BANK

At December 31, 2012 and 2011, advances from the FHLB were as follows:


	2012					2011
(Dollars in thousands)	Weighted Average Rate			Amount		Weighted Average Rate			Amount
Fixed rate advances		3.63	%	$	5,100		3.78	%	$	12,350

At December 31, 2012, advances from the FHLB totaling $5.0 million carried a put option whereby the FHLB will automatically convert the fixed rate advance to a variable rate should the market interest rate exceed a pre-determined strike rate.

Advances from FHLB outstanding at December 31, 2012 totaling $5.1 million will mature in 2013.

The advances are secured under a blanket collateral agreement. At December 31, 2012, the carrying value of residential mortgage loans and a mutual fund investment pledged as security for the advances was $77.5 million and $1.6 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