Federal Home Loan Bank Advances

12 Months Ended

Dec. 31, 2011

Deposits/Securities Sold Under Agreements to Repurchase/Federal Home Loan Bank Advances/Minimum Regulatory Capital Requirements [Abstract]

Federal Home Loan Bank Advances

Note 8. Federal Home Loan Bank Advances

The schedule of advances from the Federal Home Loan Bank (FHLB) at December 31, 2011 and 2010, is as follows:

		September 30,		September 30,		September 30,		September 30,
	Interest			Final
Date of Advance	Rate			Maturity Date	2011		2010
September 6, 2002		3.93	%	October 1, 2012	$	99,119	$	213,861
November 30, 2006		4.39	%	November 30, 2011		—		5,000,000
July 11, 2008		4.37	%	July 11, 2013		1,500,000		1,500,000
July 31, 2008		4.28	%	September 6, 2013		1,500,000		1,500,000
					$	3,099,119	$	8,213,861

Pursuant to collateral agreements with the FHLB, the advances and letters of credit described below are secured by the Bank’s FHLB stock and qualifying first mortgage loans, totaling approximately $21,460,000 and $29,104,000 as of December 31, 2011 and 2010, respectively.

The Bank also has a Standby Letter of Credit for Public Unit Deposit Collateralization Line with the FHLB which provides an alternative for the Bank instead of pledging securities to public depositors up to a maximum credit line of approximately $18,000,000. This line of credit is also secured by the same collateral described above. The FHLB issues irrevocable letters of credit on behalf of the Bank to certain public entities which are depositors of the Bank. Letters of credit outstanding as of December 31, 2011 and 2010, were $11,750,000 and $12,750,000, respectively.

At December 31, 2011, the scheduled maturities of the FHLB advances are as follows:

		September 30,
2012	$	99,119
2013		3,000,000
	$	3,099,119