FEDERAL HOME LOAN BANK ADVANCES

12 Months Ended

Dec. 31, 2014

NOTE 10 - FEDERAL HOME LOAN BANK ADVANCES

	2014		2013

Long Term Advances
Maturities range from August 2015 through March 2030, fixed rates from 1.00% to 7.23%, averaging 1.87% in 2014 and 2.22% in 2013	$	83,784,615	$	57,846,833

Short Term Advances
One advance which matures in January 2015 and has a fixed rate of 0.14%	$	10,000,000	—

Advances are paid either on a monthly basis or at maturity. All advances require a prepayment penalty, and are secured by the FHLB stock and substantially all first mortgage residential, multi-family and farm real estate loans.

Scheduled principal payments due on advances during the years subsequent to December 31, 2014 are as follows:

2015	$	20,955,803
2016	8,566,968
2017	12,700,223
2018	15,451,953
2019	10,329,413
Thereafter	25,780,255

	$		93,784,615

- 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.

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