Quarterly report pursuant to Section 13 or 15(d)

OTHER BORROWED FUNDS

v2.4.0.6
OTHER BORROWED FUNDS
 3 Months Ended
Mar. 31, 2013
OTHER BORROWED FUNDS [Abstract]  
OTHER BORROWED FUNDS
NOTE 7 - OTHER BORROWED FUNDS
 
Other borrowed funds include advances from the Federal Home Loan Bank and borrowings from the Federal Reserve Bank.
 
Federal Home Loan Bank Advances
 
At period-end, advances from the Federal Home Loan Bank were as follows (dollars in thousands):
 
 
Principal Terms
 
Advance
Amount
 
 
Range of Maturities
 
Weighted Average
Interest Rate
 
 
 
 
 
 
 
 
 
March 31, 2013
 
 
 
 
 
 
 
Single maturity fixed rate advances
 
$
80,000
 
May 2015  to September 2016
 
 
1.70
%
Amortizable mortgage advances
 
 
10,658
 
March 2018 to July 2018
 
 
3.77
%
 
 
$
90,658
 
 
 
 
 
 
 
 
Principal Terms
 
Advance
Amount
 
 
Range of Maturities
 
Weighted Average
Interest Rate
 
 
 
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
 
Single maturity fixed rate advances
 
$
80,000
 
May 2015 to September 2016
 
 
1.70
%
Amortizable mortgage advances
 
 
11,822
 
March 2018 to July 2018
 
 
3.78
%
 
 
$
91,822
 
 
 
 
 
 
 
Each advance is subject to a prepayment fee if paid prior to its maturity date.  Fixed rate advances are payable at maturity.   Amortizable mortgage advances are fixed rate advances with scheduled repayments based upon amortization to maturity.  These advances were collateralized by residential and commercial real estate loans totaling $422,883,000 and $413,482,000 under a blanket lien arrangement at March 31, 2013 and December 31, 2012, respectively.
 
Scheduled repayments of FHLB advances as of March 31, 2013 were as follows (in thousands):
 
2013
 
$
667
 
2014
 
 
1,884
 
2015
 
 
21,938
 
2016
 
 
61,996
 
2017
 
 
2,055
 
Thereafter
 
 
2,118
 
 
 
$
90,658
 

Federal Reserve Bank borrowings

The Company has a financing arrangement with the Federal Reserve Bank.  There were no borrowings outstanding at March 31, 2013 and December 31, 2012, and the Company had approximately $29.1 million and $30.3 million in unused borrowing capacity based on commercial and mortgage loans pledged to the Federal Reserve Bank totaling $35.3 million and $37.2 million at March 31, 2013 and December 31, 2012, respectively.