Federal Home Loan Bank Advances

9 Months Ended

Sep. 30, 2012

Federal Home Loan Bank Advances

NOTE 9 — Federal Home Loan Bank Advances

As a member of the Federal Home Loan Bank of Atlanta (FHLB), the Company has access to numerous borrowing programs with total credit availability established at 20% of total quarter-end assets. FHLB advances are fully collateralized by pledges of certain qualifying real estate secured loans (see Note 3). As of September 30, 2012, the Company had pledged $31.1 million in qualifying home equity lines of credit, $100.9 million in qualifying commercial real estate loans, $9.6 million in qualifying multifamily real estate loans, and $16.7 million in qualifying residential real estate secured loans. At September 30, 2012, the Company had $53.7 million in remaining credit available with the FHLB.

The following table sets forth the composition of FHLB advances as of the dates indicated:

	September 30, 2012			December 31, 2011
(Dollars in thousands)	(Unaudited)
FHLB Advances	$	17,100		$	24,350
Weighted interest rate		3.31	%		3.33	%
Average balances for the period ended,
Outstanding balance		31,290			28,088
Interest Rate		2.50	%		3.33	%
Maximum month-end outstanding	$	67,850		$	32,767

The following table sets forth the contractual maturities of FHLB advances as of the dates indicated:

	September 30, 2012		December 31, 2011
(Dollars in thousands)	(Unaudited)
Within 1 year	$	15,600	$	11,500
1 - 2 years		1,500		12,850
Total	$	17,100	$	24,350