FEDERAL HOME LOAN BANK ADVANCES

12 Months Ended

Dec. 31, 2011

FEDERAL HOME LOAN BANK ADVANCES

FEDERAL HOME LOAN BANK ADVANCES

NOTE 12 — FEDERAL HOME LOAN BANK ADVANCES

        Federal Home Loan Bank ("FHLB") advances at year end were as follows:

	2011		2010
Maturities from May 2012 through May 2022, primarily fixed rates from 1.8% to 5.9%, averaging 3.7%	$	151,427		—
Maturities from January 2011 through May 2022, primarily fixed rates from 2.5% to 5.9%, averaging 4.0%		—	$	152,065
	$	151,427	$	152,065

        The majority of the FHLB advances are secured by first mortgage loans totaling approximately 155% of the advance under a blanket security agreement. The advances are subject to restrictions or penalties in the event of prepayment. Of the $151,427 in advances at December 31, 2011, $120,000 or 79% of the advances contained options whereby the FHLB may convert the fixed rate advance to an adjustable rate advance, at which time the Company may prepay the advance without a penalty. Of the $152,065 in advances at December 31, 2010, $124,000 or 82% of the advances contained such options.

        Required payments over the next five years are:

2012	$	20,591
2013		15,365
2014		25,268
2015		10,053
2016		15,063
Thereafter		65,087