Note 10 — Borrowed Funds:

Long-term borrowings at December 31, 2013 and 2012 consisted of the following:

	2013		2012
	(Dollars in Thousands)
FHLB long-term advances	$	115,000	$	115,000
Securities sold under agreements to repurchase		31,000		31,000
Total long-term borrowings	$	146,000	$	146,000

Securities sold under agreements to repurchase had average balances of $31.0 million and $38.2 million for the years ended December 31, 2013 and 2012, respectively. The maximum amount outstanding at any month end during 2013 and 2012 was $31.0 million and $41.0 million, respectively. The average interest rate paid on securities sold under agreements to repurchase were 5.99 percent, 5.54 percent and 3.39 percent for the years ended December 31, 2013, 2012 and 2011, respectively.

The weighted average interest rates on long term borrowings at December 31, 2013 and 2012 were 3.82 percent and 3.97 percent, respectively. The maximum amount outstanding at any month-end during 2013 and 2012 was $161.0 million. The average interest rates paid on Federal Home Loan Bank advances were 3.46 percent and 3.51 percent for the years ended December 31, 2013 and 2012, respectively. The maximum borrowing capacity with the Federal Home Loan Bank is limited to 25 percent of the Corporation’s total assets.

At December 31, 2013 and 2012, advances from the Federal Home Loan Bank of New York (“FHLB”) amounted to $115.0 million. The FHLB advances had a weighted average interest rate of 3.26 percent and 3.44 percent at December 31, 2013 and 2012, respectively. These advances are secured by pledges of FHLB stock, 1 – 4 family residential mortgages, commercial real estate mortgages and U.S. Government and Federal Agency obligations. The advances are subject to quarterly call provisions at the discretion of the FHLB and at December 31, 2013 and 2012, are contractually scheduled for repayment as follows:

	2013		2012

	(Dollars in Thousands)
2016	$	—	$	20,000
2017		35,000		55,000
2018		40,000		40,000
2020		40,000		—
Total	$	115,000	$	115,000

The securities sold under repurchase agreements to other counterparties included in long-term debt totaled $31.0 million at December 31, 2013 and 2012. The weighted average rates were 5.90 percent at December 31, 2013 and 2012. The schedule for contractual repayment is as follows:

	2013		2012
	(Dollars in Thousands)
2017	$	15,000	$	15,000
2018		16,000		16,000
Total	$	31,000	$	31,000