Federal Home Loan Bank Borrowings

9 Months Ended

Sep. 30, 2012

Federal Home Loan Bank Borrowings [Abstract]

FEDERAL HOME LOAN BANK BORROWINGS

NOTE 7 - FEDERAL HOME LOAN BANK BORROWINGS

The Bank is a member of the Federal Home Loan Bank of Pittsburgh (“FHLB”). The FHLB borrowings are secured by a blanket lien by the FHLB on certain residential real estate loans or securities with a market value at least equal to the outstanding balances. The remaining maximum borrowing capacity with the FHLB at September 30, 2012 was approximately $38.7 million subject to the purchase of additional FHLB stock. The Bank had FHLB borrowings of $3,628,451 and $3,693,014 at September 30, 2012 and December 31, 2011, respectively. At September 30, 2012 the Bank had three fixed rate amortizing advances which totaled $3,628,451 with a weighted average interest rate of 4.78% of which $2,057,189 will mature in 2018 and $1,571,262 will mature in 2023.

The Bank also has a one year line of credit agreement with the Federal Home Loan Bank. The maximum credit available under this agreement is $7.0 million and expires in December 2012. There were no borrowings outstanding under this agreement at September 30, 2012 and December 31, 2011, respectively.

Contractual maturities of FHLB borrowings as of September 30, 2012 were as follows:

Due in 2012	$	22,039
Due in 2013		90,832
Due in 2014		95,267
Due in 2015		99,919
Due in 2016		104,800
Due in 2017 and thereafter		3,215,594
Total	$	3,628,451