FEDERAL HOME LOAN BANK ADVANCES

12 Months Ended

Dec. 31, 2013

NOTE 12 — FEDERAL HOME LOAN BANK ADVANCES

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

	2013		2012


Maturities from January 2014 through May 2022, primarily fixed rates from 0.3% to 4.8%, averaging 1.3%	$	247,858
Maturities from April 2013 through May 2022, primarily fixed rates from 0.56% to 5.9%, averaging 3.0%			$	141,052


	$	247,858	$	141,052

The majority of the FHLB advances are secured by mortgage loans totaling approximately 170% of the advance under a blanket security agreement. The advances are subject to restrictions or penalties in the event of prepayment. Of the $247,858 in advances at December 31, 2013, $0 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 $141,052 in advances at December 31, 2012, $105,000 or 74% of the advances contained such options.

Required payments over the next five years are:


2014	$	133,294
2015		25,070
2016		14,735
2017		33
2018		74,692
Thereafter		34

- 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.

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