FEDERAL HOME LOAN BANK OF BOSTON ADVANCES

12 Months Ended

Dec. 31, 2013

Banking and Thrift [Abstract]

FEDERAL HOME LOAN BANK OF BOSTON ADVANCES

NOTE 10 – FEDERAL HOME LOAN BANK OF BOSTON ADVANCES

Federal Home Loan Bank of Boston (“FHLBB”) advances are as follows:

		December 31, 2013							December 31, 2012
(dollars in thousands)		Total		Callable (1)		Rate (2)			Total		Callable (1)		Rate (2)
	2013		—		—		—			1,569		—		3.89
	2014		1,598		—		3.87			1,598		—		3.87
	2015		791		—		3.88			791		—		3.88
	2016		15,022		15,000		4.08			15,022		15,000		4.08
	2017		6,000		6,000		4.05			6,000		6,000		4.05
	2018		7,000		—		3.74			7,000		—		3.74
	Total	$	30,411	$	21,000		3.99	%	$	31,980	$	21,000		3.99	%

(1) Represents the portion of advances that are callable. Callable advances are presented by scheduled maturity. Callable advances are callable quarterly or one time callable by the FHLBB.

(2) Weighted average rate based on scheduled maturity dates.

In addition to outstanding FHLBB advances, Salisbury has additional available borrowing capacity, based on current capital stock levels, of $53.2 million and access to an unused FHLBB line of credit of $3.5 million at December 31, 2013. Advances from the FHLBB are secured by a blanket lien on qualified collateral, consisting primarily of loans with first mortgages secured by one-to-four family properties, certain unencumbered investment securities and other qualified assets.

The following table sets forth certain information concerning short-term FHLBB advances:

Years ended December 31, (dollars in thousands)		2013			2012
Highest month-end balance during period	$	—		$	—
Ending balance		—			—
Average balance during period		52			—
Weighted average rate during period		0.29	%		0.00	%
Weighted average rate at end of period		0.00			0.00