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OTHER BORROWINGS
 12 Months Ended
Dec. 31, 2013
Short-term Debt [Abstract]  
OTHER BORROWINGS
OTHER BORROWINGS
Other borrowings were comprised solely of daily securities sold under agreement to repurchase of $43.1 million and $26.0 million at December 31, 2013 and 2012, respectively. First Bank had no outstanding FHLB advances as of and for the years ended December 31, 2013 and 2012.
The average balance of other borrowings was $34.8 million and $33.0 million, and the maximum month-end balance of other borrowings was $44.4 million and $57.7 million for the years ended December 31, 2013 and 2012, respectively.
The average rates paid on other borrowings during the years ended December 31, 2013, 2012 and 2011 were (0.03)%, (0.05)% and 0.03%, respectively. The negative average rates paid on other borrowings during the years ended December 31, 2013 and 2012 resulted from the reversal of accrued interest related to unrecognized tax benefits associated with FASB Interpretation No. 48 (codified under ASC 740-10), as more fully discussed in Note 17 to the consolidated financial statements. Interest expense on securities sold under agreements to repurchase was $34,000, $33,000 and $82,000 for the years ended December 31, 2013, 2012 and 2011, respectively.