FEDERAL HOME LOAN BANK ADVANCES

12 Months Ended

Dec. 31, 2012

NOTE 9 - FEDERAL HOME LOAN BANK ADVANCES

The Bank had total advances from the Federal Home Loan Bank (FHLB) of $21,966,750 and $26,944,000 at December 31, 2012 and 2011, respectively. The weighted average interest rate on the advances was 1.27% and 1.10% at December 31, 2012 and 2011, respectively. The range of rates on the outstanding advances at December 31, 2012 varied from 0.46% to 4.58%.

The contractual maturities of advances are as follows:

Year Ending December 31,	Amount
2013	$	7,999,000
2014	11,499,000
2015	1,495,000
2016	973,750
	$	21,966,750

At December 31, 2012, in addition to FHLB stock, eligible residential real estate loans totaling approximately $66,444,000 were pledged to the FHLB to secure advances outstanding compared to $55,045,000 at December 31, 2011.

- 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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+ Details