Federal Home Loan Bank Advances and Other Borrowings

12 Months Ended

Dec. 31, 2011

Federal Home Loan Bank Advances And Other Borrowings [Abstract]

Federal Home Loan Bank Advances and Other Borrowings

Note 13. Federal Home Loan Bank Advances and Other Borrowings

The Company's borrowings from the FHLB was $25.0 million at December 31, 2011 and December 31, 2010.  At December 31, 2011 and 2010, the interest rates on FHLB advances ranged from 4.46% to 3.02% and the weighted average interest rate was 3.92%.

At December 31, 2011, the Bank had an available line of credit with the FHLB with a borrowing limit of approximately $111.8 million. FHLB advances and available line of credit were secured by certain first and second lien loans on one-to-four unit single-family dwellings and eligible commercial real estate loans of the Bank.  As of December 31, 2011, the book value of eligible loans totaled approximately $217.4  million.  At December 31, 2010, the advances were secured by similar loans totaling $246.1 million.  The amount of available credit is limited to 88% of qualifying collateral for one-to-four unit single-family residential loans, 75% for home equity loans and 50% for commercial real estate loans. Any borrowing in excess of the qualifying collateral requires pledging of additional assets. The contractual maturities of FHLB advances are as follows:

	2011		2010
Due in 2013	$	15,000,000	$	15,000,000
Due in 2014		10,000,000		10,000,000
	$	25,000,000	$	25,000,000

As additional sources of liquidity, the Bank has available federal funds purchased lines of credit with seven different commercial banks totaling $54.5 million, and the Federal Reserve Bank of Richmond for $3.6 million.  At December 31, 2011, none of the available federal funds purchased lines of credit with various commercial banks were in use.