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SHORT-TERM BORROWINGS
 6 Months Ended
Jun. 30, 2015
Debt Disclosure [Abstract]  
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block]
8.
SHORT-TERM BORROWINGS
 
The Company’s short-term borrowings consisted of repurchase agreements and FHLB borrowings in 2015 and 2014. Information regarding repurchase agreements and borrowings from the FHLB at June 30, 2015 and December 31, 2014 is summarized below:
 
 
 
Repurchase
 
 
Borrowings
 
 
 
Agreements
 
 
from FHLB
 
 
 
 
 
 
 
 
Outstanding at June 30, 2015
 
$
4,959,627
 
 
$
0
 
Average interest rate at period end
 
 
0.42
%
 
 
0
%
Average balance during period
 
 
6,285,681
 
 
 
272,376
 
Average interest rate during period
 
 
0.45
%
 
 
0.37
%
Maximum month end balance during period
 
 
8,829,269
 
 
 
0
 
 
 
 
 
 
 
 
 
 
Outstanding at December 31, 2014
 
$
8,610,621
 
 
$
0
 
Average interest rate at year-end
 
 
0.49
%
 
 
0
%
Average balance during year
 
 
9,358,758
 
 
 
16,438
 
Average interest rate during year
 
 
0.52
%
 
 
0.40
%
Maximum month end balance during year
 
 
10,767,084
 
 
 
0
 
 
Repurchase agreements are primarily continuous, mature overnight, and are secured by investments. The following securities are pledged to the repurchase agreements as of:
 
Securities Pledged to Repurchase Agreements
 
June 30, 2015
 
December 31, 2014
 
U.S. Treasury and agency securities
 
$
968,117
 
$
4,003,454
 
Asset-backed securities
 
 
3,810,434
 
 
5,500,840
 
Loans
 
 
0
 
 
0
 
Other
 
 
571,798
 
 
686,467
 
Total
 
$
5,350,349
 
$
10,190,761
 
 
The Company had $2 million of residential mortgage loans pledged to support its line of credit with the FHLB at June 30, 2015.
 
Another source of short-term borrowings is available through the Federal Reserve Discount Window (“Discount Window”). The Bank could request to borrow from the Discount Window under the secondary credit program. Any request to borrow would require approval by the FDIC and a pledge of collateral. At June 30, 2015, collateral available for Discount Window borrowings consisted of $661,746 in securities, $324,269 in home equity loans, and $3,470,171 in one USDA loan. The Bank has not borrowed from the Discount Window since January 2010.