Federal Home Loan Bank Borrowings

3 Months Ended

Mar. 31, 2014

NOTE 7 - FEDERAL HOME LOAN BANK BORROWINGS

The subsidiary 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 March 31, 2014 was approximately $36.2 million subject to the purchase of additional FHLB stock. The subsidiary bank had FHLB borrowings of $3,492,187 and $3,515,580 at March 31, 2014 and December 31, 2013, respectively. At March 31, 2014 the subsidiary bank had three fixed rate amortizing advances which totaled $3,492,187 with interest rates ranging from 4.65% to 4.89% of which $1,968,962 will mature through 2018 and $1,523,225 will mature through 2023. The collateral securing these borrowings totaled $3,625,493 at March 31, 2014.

The bank also has a line of credit agreement with the Federal Home Loan Bank which matures on May 1, 2014 (issued in April 2013). The maximum credit available is $19.4 million under the agreement. There were no borrowings outstanding under this agreement at March 31, 2014 and December 31, 2013, respectively.

Contractual maturities of FHLB borrowings as of March 31, 2014 were as follows:


Due in 2014	$	71,875
Due in 2015		99,919
Due in 2016		104,800
Due in 2017		109,918
Due in 2018		1,759,529
Due in 2019 and thereafter		1,346,146

Total	$	3,492,187

- 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.

+ References+ Details