Short-Term Borrowings

9 Months Ended

Sep. 30, 2013

Disclosure Short Term Borrowings Additional Information [Abstract]

Short-Term Borrowings

Short-Term Borrowings

The Bank has a line of credit for advances and discounts with the Federal Reserve Bank of Cleveland. The amount of this line of credit varies on a monthly basis. The line is equal to 50% of the balances of qualified home equity lines of credit that are pledged as collateral. At September 30, 2013, the Bank had pledged approximately $86,886 in qualifying home equity lines of credit, resulting in an available line of credit of approximately $43,443. No amounts were outstanding under the line of credit at September 30, 2013 or December 31, 2012. The Corporation also has a $6,000 line of credit with an unaffiliated financial institution. No amounts were outstanding under this line of credit at September 30, 2013 and December 31, 2012.

Short-term borrowings include securities sold under repurchase agreements and Federal funds purchased from correspondent banks. At September 30, 2013 and December 31, 2012, the outstanding balance of securities sold under repurchase agreements totaled $1,643 and $1,115, respectively. No Federal funds were purchased as of September 30, 2013 and December 31, 2012.