NOTE 9 – BORROWINGS

At December 31, 2014, the Bank had secured borrowing potential with the Federal Home Loan Bank of New York (“FHLBNY”) for borrowings of up to $124.3 million and a $10.0 million line of credit at Atlantic Central Bankers Bank (“ACBB”). The borrowings at the FHLBNY are secured by a pledge of qualifying residential and commercial mortgage loans, having an aggregate unpaid principal balance of approximately $168.3 million. At December 31, 2014, the Bank had the ability to borrow up to $58.2 million at FHLBNY and $10.0 million at ACBB.

At December 31, 2014, the Company had $23.5 million in overnight advances at the FHLBNY, these advances are priced at the federal funds rate plus a spread (generally between 20 and 30 basis points) and re-price daily.

At December 31, 2014 and 2013 the Bank had the following long-term borrowings from the FHLBNY:


(Dollars in thousands)
	Interest	Balance at December 31,
Maturity Date	Rate	2014		2013

December 7, 2016	4.00%	$	5,000	$	5,000
June 21, 2017	4.60%		6,000		6,000
November 3, 2017	1.31%		5,000		-
December 7, 2017	3.97%		5,000		5,000
December 26, 2017	3.66%		5,000		5,000
December 26, 2017	3.79%		5,000		5,000
January 1, 2018	1.98%		-		5,000
July 17, 2018	1.65%		5,000		5,000
September 19, 2018	1.83%		5,000		5,000
January 31, 2019	2.02%		5,000		-
		$	46,000	$	41,000

Maturities of long-term debt in years subsequent to December 31, 2014 are as follows:


(Dollars in thousands)

Within one year	$	-
One to two years		5,000
Two to three years		26,000
Three to four years		10,000
Four to five years		5,000
After five years		-
	$	46,000

At December 31, 2014 the Company had $46.0 million in long-term advances, of which, $11.0 million were convertible notes that contain an option which allows the FHLBNY, at quarterly intervals, to convert the fixed convertible advance into replacement funding for the same or lesser principal amount based on any advance then offered by the FHLBNY at their current market rates.