Note 12 - Borrowings

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

12.     Borrowings

Retail Repurchase Agreements

Retail repurchase agreements represent overnight secured borrowing arrangements between the Bank and certain clients. Retail repurchase agreements are not insured deposits and were secured by $25.7 million and $36.6 million of the Company’s investment securities available for sale at March 31, 2015 and December 31, 2014, respectively.

FHLB Advances

As disclosed in Note 4, Investment Securities Available for Sale, and Note 5, Loans, the Bank may pledge investment securities and loans to collateralize FHLB advances. Additionally, the Bank may pledge cash and cash equivalents. The amount that can be borrowed is based on the balance of the type of asset pledged as collateral multiplied by lendable collateral value percentages as calculated by the FHLB. The FHLB allows the Bank to borrow up to 25% of total assets, subject to available collateral.

The following table summarizes the collateral utilization and availability of borrowings from the FHLB at the dates indicated (in thousands).

	March 31,		December 31,
	2015		2014
Available lendable loan collateral value pledged to serve against FHLB advances	$	75,714	$	79,139
FHLB advances outstanding		50,000		35,000
Excess lendable collateral value pledged to serve against FHLB advances	$	25,714	$	44,139

Outstanding FHLB advances at March 31, 2015 consisted of the following: 

	Advance #1			Advance #2
Balance outstanding	$	20,000		$	30,000
Maturity date	4/30/2015			7/27/2015
Interest rate		0.22	%		0.29	%

The FHLB advance that matured on April 30, 2015 was repaid from the Bank's available cash balances.

Federal Reserve Discount Window

At March 31, 2015 and December 31, 2014, $41.7 million and $39.5 million, respectively, of loans and investment securities were pledged as collateral to cover the various Federal Reserve services that are available for use by the Bank. Of these amounts, $30.9 million and $29.1 million were available as lendable collateral at March 31, 2015 and December 31, 2014, respectively. The Bank’s borrowings from the Federal Reserve Discount Window (the “Discount Window”) are at the primary credit rate. Primary credit is available through the Discount Window to generally sound depository institutions on a very short-term basis, typically overnight, at a rate above the Federal Open Market Committee target rate for federal funds. The Bank’s maximum maturity for potential borrowings is overnight. The Bank has not drawn on this availability other than to periodically test its ability to access the line. The Federal Reserve has the discretion to deny approval of borrowing requests.

Other Borrowings

Other borrowings generally consist of outstanding borrowings on correspondent bank lines of credit.

The following table summarizes the Bank’s correspondent bank lines of credit at both March 31, 2015 and December 31, 2014 (dollars in thousands).

	Secured		Unsecured		Total
Amount available	$	15,000	$	65,000	$	80,000
Number of lines available		2		6		8

None of the lines of credit were utilized as of either date. These correspondent bank funding sources may be canceled at any time at the correspondent bank’s discretion.