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Long-term Borrowings

12 Months Ended

Dec. 31, 2014

Note 7. Long-term Borrowings

Long-term borrowings are as follows:

	2014		2013		2012

Federal Home Loan Bank of Atlanta, convertible advances	$	20,000,000	$	20,000,000	$	20,000,000

The Federal Home Loan Bank of Atlanta, convertible advances total includes the following:

A $10,000,000 convertible advance issued in 2007, which has a final maturity of November, 1, 2017, but is callable monthly. This advance has a 3.28% interest rate, with interest payable monthly. The proceeds of the convertible advance were used to fund loans and purchase investment securities.

A $5,000,000 convertible advance issued in 2008, which has a final maturity of July 23, 2018, but is callable quarterly starting July 23, 2009. This advance has a 2.73% interest rate, with interest payable quarterly. The proceeds of the convertible advance were used to fund loans.

A $5,000,000 convertible advance issued in 2008, which has a final maturity of August 22, 2018, but is callable quarterly starting August 22, 2011. This advance has a 3.34% interest rate, with interest payable quarterly. The proceeds of the convertible advance were used to fund loans.

At December 31, 2014, the scheduled maturities of long-term borrowings are approximately as follows:

	2014

2017	$	10,000,000
2018		10,000,000
	$	20,000,000