FEDERAL HOME LOAN BANK ADVANCES

12 Months Ended

Dec. 31, 2014

NOTE 12 — FEDERAL HOME LOAN BANK ADVANCES

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

	2014		2013

Maturities from June 2015 through May 2022, primarily fixed rates from 0.43% to 4.8%, averaging 1.9%	$	214,413
Maturities from January 2014 through May 2022, primarily fixed rates from 0.3% to 4.8%, averaging 1.3%			$	247,858

	$	214,413	$	247,858

The majority of the FHLB advances are secured by real estate backed loans totaling approximately 188% of the advance under a blanket security agreement. The advances are subject to restrictions or penalties in the event of prepayment. Of the $214,413 in advances at December 31, 2014, $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 $247,858 in advances at December 31, 2013, $0 of the advances contained such options.

Required payments over the next five years are:

2015	$	54,832
2016		14,671
2017		19,743
2018		75,000
2019		15,000
Thereafter		35,167

- 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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