FHLB advance repayments are amortized over periods ranging from three to thirty years, and have a balloon feature at maturity. Advances are collateralized by a blanket pledge of mortgage loans and a secondary pledge of FHLB stock and FHLB demand deposits. Total additional advances available from the FHLB at December 31, 2002 were $70,705,000 under the blanket floating lien and $132,079,000 with a pledge of investment securities. The weighted average rate at December 31, 2002 was 3.85%.  Junior Subordinated Debt consists of a $10,000,000 trust preferred offering, which closed on November 15, 2002. The trust preferred securities qualify as Tier 1 Capital for regulatory purposes and bear an interest rate equal to three-month London Interbank Offered Rate (“LIBOR”) plus 3.25%. The term of the securities is 30 years, and they are callable at par by the Company anytime after 5 years. Interest is payable quarterly and may be deferred at any time at the election of the Company for up to 20 consecutive quarterly periods. During such period the Company is subject to certain restrictions, including being prohibited from declaring dividends to its common shareholders.  The Company instituted partial hedges against the effect of rising interest rates on its variable rate debt by entering into interest rate swap agreements during 2002 whereby the Company will receive quarterly variable rate payments and pay fixed rates on notional amounts totaling $10,000,000. Net settlements on the swap agreements are accrued monthly, effectively converting $10,000,000 of trust preferred offering from variable rates to a fixed rate of 3.42%. The Bank also entered into interest rate swap agreements during 2002 whereby the Bank will receive quarterly variable rate payments and pay fixed rates on notional amounts totaling $25,000,000. Net settlements on the swap agreements are accrued monthly, effectively converting $25,000,000 of FHLB advances from variable rates to an average fixed rate of 4.74%. Advances and long-term debt at December 31, 2002 have maturities in future years as follows:  The provision for income tax expense consists of the following: NOTE 10 – INCOME TAXES: There was an overpayment of federal income taxes of $52,000 at December 31, 2002 and a balance due of $108,000 at December 31, 2001.  (dollars in thousands) Amount Year Ending December 31, 2003 $ – 2004 – 2005 10,921 2006 2,061 2007 and thereafter 62,476 Total $75,458 Years Ended December 31, (dollars in thousands) 2002 2001 2000 Current expense: Federal $9,456 $8,119 $ 7,653 State – 3 (68) Total current expense 9,456 8,122 7,585 Deferred federal expense (678) 107 (71) Total income tax expense $8,778 $8,229 $ 7,514 49