SHORT-TERM BORROWINGS

12 Months Ended

Dec. 31, 2013

SHORT-TERM BORROWINGS

SHORT-TERM BORROWINGS

12. SHORT-TERM BORROWINGS

At December 31, 2013, short-term borrowings consist of short-term FHLB advances of $8.0 million and overdraft balances in due from bank accounts. At December 31, 2012, we had no short-term borrowings.

At December 31, 2013 and 2012, our bank had additional unused borrowings available at the Federal Reserve discount window of $46.5 million and $24.9 million, respectively. As of December 31, 2013 and 2012, certain commercial real estate and commercial loans with a carrying value totaling $79.7 million and $41.7 million, respectively, were pledged as collateral on our line of credit with the Federal Reserve discount window. The Federal Reserve does not have the right to sell or repledge these loans.

Interest expense on short-term borrowings were $6 thousand, nil, and $0.2 million in 2013, 2012 and 2011, respectively.

A summary of our short-term borrowings as of December 31, 2013, 2012 and 2011 is as follows:

	Year Ended December 31,
	2013			2012			2011
	(Dollars in thousands)
Amount outstanding at December 31	$	8,015		$	—		$	34
Average amount outstanding during year	1,988			11			35,809
Highest month-end balance during year	28,000			—			201,962
Weighted average interest rate on balances outstanding at December 31	0.23		%	0.00		%	0.00		%
Weighted average interest rate during year	0.32		%	0.70		%	0.57		%