Short-Term Borrowings

3 Months Ended

Mar. 31, 2014

Debt Disclosure [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 March 31, 2014, the Bank had pledged approximately $88,150 in qualifying home equity lines of credit, resulting in an available line of credit of approximately $44,075. No amounts were outstanding under the line of credit at March 31, 2014 or December 31, 2013. The Corporation also has a $6,000 line of credit with an unaffiliated financial institution. The Corporation also has a $6,000 line of credit with an unaffiliated financial institution under which the Corporation had borrowings of $2,500 was outstanding at a rate of 3.50% as of March 31, 2014. At December 31, 2013, the Corporation had borrowings of $3,000 outstanding under the line of credit.

Short-term borrowings include securities sold under repurchase agreements and Federal funds purchased from correspondent banks. At March 31, 2014 and December 31, 2013, the outstanding balance of securities sold under repurchase agreements totaled $1,225 and $1,576, respectively. No Federal funds were purchased as of March 31, 2014 and December 31, 2013.

The following table presents the components of federal funds purchased and securities sold under agreements to repurchase and short-term borrowings as of March 31, 2014 and December 31, 2013.

	March 31, 2014			December 31, 2013
Federal funds purchased and securities sold under agreements to repurchase	1,225			1,576
Line of credit with an unaffiliated financial institution	2,500			3,000
Total short-term borrowings	$	3,725		$	4,576
Short-term borrowings	March 31, 2014			December 31, 2013
Average balance during the year	$	4,664		$	1,803
Weighted-average annual interest rate during the year	3.60		%	0.10		%
Maximum month-end balance	$	3,725		$	4,576