Advances From Federal Home Loan Bank

12 Months Ended

Sep. 30, 2011

Federal Home Loan Bank Advances, Disclosure [Text Block]

NOTE 10. Advances From Federal Home Loan Bank

     The following table presents the maturity schedule for advances from the FHLB of Atlanta.

(dollars in thousands)
	As of September 30,
	2011					2010
Fiscal Year	Balance		Weighted Average Rate			Balance		Weighted Average Rate
2011		---		---		$	115,000		1.00	%
2012	$	200,000		0.15	%		85,000		1.55
2013		---		---			---		---
2014		---		---			---		---
2015		108,000		3.55			108,000		3.55
2016		175,000		3.50			125,000		3.83
2017		---		---			25,000		4.53
2018		75,000		3.82			50,000		3.47
2019		---		---			---		---
2020		---		---			---		---
Total due FHLB		558,000		2.35	%		508,000		2.75	%
Acquisition fair value adjustment		---					235
Total	$	558,000				$	508,235

     The above schedule is based on contractual maturities. In fiscal 2011, callable advances totaled $200.0 million, with a weighted average rate of 3.83%. The FHLB did not exercise any of its call provisions during the last two fiscal years.

     Advances from the FHLB of Atlanta, which mature on various dates through 2018, are collateralized by a blanket lien on certain residential and commercial real estate loans with an aggregate balance at September 30, 2011 and 2010of $692.7 million and $680.7 million, respectively. In addition, First Federal had pledged investment securities totaling $126.8 million as of September 30, 2011, as compared with $151.7 million at September 30, 2010 to secure borrowings. At September 30, 2011 First Federal had excess borrowing capacity of $254.5 million compared to $324.4 million at September 30, 2010, based on assets pledged. The maximum borrowings permitted under the agreement is 40% of total eligible assets subject to the presentment of sufficient qualifying collateral. At September 30, 2011 and 2010, total maximum availability was $819.5 million and $832.4 million, respectively. Advances are subject to prepayment penalties and certain advances may be subject to conversion to floating rates at the option of the FHLB of Atlanta.