Federal Home Loan Bank Borrowings

3 Months Ended

Mar. 31, 2013

Federal Home Loan Bank Borrowings [Abstract]

FEDERAL HOME LOAN BANK BORROWINGS

NOTE 7 - FEDERAL HOME LOAN BANK BORROWINGS

The subsidiary Bank is a member of the Federal Home Loan Bank of Pittsburgh. 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 March 31, 2013 was approximately $37.0 million subject to the purchase of additional FHLB stock. The subsidiary bank had FHLB borrowings of $3,584,108 and $3,606,411 at March 31, 2013 and December 31, 2012, respectively. At March 31, 2013 the subsidiary bank had three fixed rate amortizing advances which totaled $3,584,108 with a weighted average interest rate of 4.78% of which $2,028,476 will mature in 2018 and $1,555,632 will mature in 2023.

The subsidiary 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. There were no borrowings outstanding under this agreement at March 31, 2013 and December 31, 2012, respectively.

Contractual maturities of FHLB borrowings as of March 31, 2013 were as follows:

Due in 2013	$	68,529
Due in 2014		95,267
Due in 2015		99,919
Due in 2016		104,800
Due in 2017		109,918
Due in 2018 and thereafter		3,105,675
Total	$	3,584,108