OTHER BORROWINGS

12 Months Ended

Dec. 31, 2012

OTHER BORROWINGS

OTHER BORROWINGS

6. OTHER BORROWINGS

        Federal Home Loan Bank Advances—In August 2006, the Company received an Affordable Housing Program Award in the amount of $400,000. The AHP is a principal reducing credit with an interest rate of zero, and at December 31, 2012 and 2011 had a remaining balance of approximately $292,000 and $310,000, respectively. These advances are collateralized by FHLB stock, a blanket lien on the Bank's 1-4 family mortgages, and certain commercial real estate loans and investment securities. As of December 31, 2012 and 2011, total loans pledged as collateral were $25,087,000 and $28,964,000, respectively.

        As of December 31, 2012 and 2011, maturities of the Company's Federal Home Loan Bank Advances are approximately as follows:

		December 31,
Maturity	Rate	2012		2011
August-2026(1)	N/A	$	291,697	$	309,947

(1)

Represents an Affordable Housing Program (AHP) award used to subsidize loans for homeownership or rental initiatives. The AHP is a principal reducing credit, scheduled to mature on August 17, 2026 with an interest rate of zero.

        At December 31, 2012, the Company has a $78.5 million line of credit facility at the FHLB of which $20.3 million was outstanding consisting of an advance of $292,000 and a letter of credit to secure public deposits in the amount of $20.0 million. The Company also had $16.4 million of borrowing capacity at the Federal Reserve Bank discount window.