Note 12. Borrowed Funds

Short-Term Borrowings

Short-term borrowings, which consist primarily of securities sold under agreements to repurchase, Federal Home Loan Bank (“FHLB”) advances and federal funds purchased, generally have maturities of less than one year. The details of these short-term borrowings are presented in the following table.

	March 31, 2014			December 31, 2013
	(dollars in thousands)
Interest rate:
At quarter end		—	%		—	%
Average for the quarter		0.38	%		—	%
Average amount outstanding during the quarter	$	500		$	—
Maximum amount outstanding at any month end in the quarter	$	—		$	—
Amount outstanding at quarter end	$	—		$	—

Long-Term Borrowings

Long-term borrowings, which consist primarily of FHLB advances and securities sold under agreements to repurchase, totaled $146.0 million at March 31, 2014 and mature within four to eight years. The FHLB advances are secured by pledges of certain collateral, including but not limited to U.S. government and agency mortgage-backed securities and a blanket assignment of qualifying first lien mortgage loans, consisting of both residential mortgages and commercial real estate loans.

At March 31, 2014 and December 31, 2013, FHLB advances had a weighted average interest rate of 3.26 and 3.26 percent, respectively, and are contractually scheduled for repayment as follows:

	March 31, 2014
	(in thousands)
2015	$	—
2016		—
2017		35,000
2018		40,000
2020		40,000
Total	$	115,000

The Corporation has entered into agreements under which it has sold securities subject to an obligation to repurchase the same or similar securities. Under these arrangements, the Corporation may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Corporation to repurchase the assets. The obligation to repurchase the securities is reflected as a liability in the Corporation’s consolidated statement of condition, while the securities underlying the securities sold under agreements to repurchase remain in the respective asset accounts and are delivered to and held as collateral by third party trustees. At March 31, 2014 and December 31, 2013, securities sold under agreements to repurchase had a weighted average interest rate of 5.90 percent and 5.90 percent, respectively, and are contractually scheduled for repayment as follows:

	March 31, 2014
	(in thousands)
2015	$	—
2016		—
2017		15,000
2018		16,000
Total	$	31,000