Borrowings From Federal Home Loan Bank Of Atlanta

12 Months Ended

Dec. 31, 2011

Borrowings From Federal Home Loan Bank Of Atlanta [Abstract]

Borrowings From Federal Home Loan Bank Of Atlanta

NOTE 10 – BORROWINGS FROM FEDERAL HOME LOAN BANK OF ATLANTA

     At December 31, 2011 and 2010, the Bank had a line of credit to borrow funds from the FHLB in the amount of 10% of the Bank's assets. Funds borrowed from the FHLB are collateralized by a lien on certain of the Bank's available for sale securities and loans. At December 31, the Bank had advances outstanding as follows:

					December 31,
Terms	Interest Rate		Maturity Date		2011		2010
Fixed rate, convertible	3.52	%	1/16/2018	$	2,000,000	$	2,000,000
Fixed rate	1.07		1/10/2011		-		3,000,000
Fixed rate	2.72		1/25/2011		-		1,000,000
Fixed rate, amortizing	4.49		12/01/2013		88,889		133,333
Fixed rate, amortizing	4.89		4/14/2014		90,741		129,630
Fixed rate, amortizing	4.78		7/27/2015		261,875		329,375
				$	2,441,505	$	6,592,338

     The Company's convertible advance from the FHLB is convertible to a variable rate instrument at the option of the FHLB on January 16, 2013. During 2011 the highest balance as of any month end for borrowings from the FHLB was $2.6 million. The average rate paid on advances during 2011 was 3.53%. The average balance of FHLB advances for 2011 was $2.7 million. During 2010 the highest balance as of any month end for borrowings from the FHLB was $9.7 million. The average rate paid on advances during 2010 was 2.50%. The average balance of FHLB advances for 2010 was $8.0 million.