Short-Term Borrowings

6 Months Ended

Jun. 30, 2015

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 amount available for borrowing under the line is equal to 50% of the balances of qualified home equity lines of credit that are pledged as collateral. At June 30, 2015, the Bank had pledged approximately $96,441 in qualifying home equity lines of credit, resulting in an available line of credit of approximately $48,220. No amounts were outstanding under the line of credit at June 30, 2015 or December 31, 2014.

The Corporation has a $6,000 line of credit with an unaffiliated financial institution. As of June 30, 2015 there were no balances outstanding under the line of credit.

Short-term borrowings include securities sold under repurchase agreements and Federal funds purchased from correspondent banks. At June 30, 2015 and December 31, 2014, the outstanding balance of securities sold under repurchase agreements totaled $635 and $611, respectively. No Federal funds were purchased as of June 30, 2015. There was $10,000 in federal funds that were purchased as of December 31, 2014.

The following table presents the components of Federal funds purchased and securities sold under agreements to repurchase and short-term borrowings as of June 30, 2015 and December 31, 2014.



	June 30, 2015			December 31, 2014
Federal funds purchased	$	—		$	10,000
Securities sold under agreements to repurchase	635			611
Total short-term borrowings	$	635		$	10,611


Short-term borrowings	June 30, 2015			December 31, 2014
Average balance during the year	$	734		$	3,886
Weighted-average annual interest rate during the year	0.25		%	0.59		%
Maximum month-end balance	$	887		$	10,611

Repurchase agreements consist of retail sweep accounts that are used as a cash management tool for commercial customers. The funds are fully collateralized by U.S. government securities. These accounts are overnight repurchase agreements requiring a direct pledge from the Company’s investment portfolio. The balance in short-term borrowings totaled $635 at June 30, 2015, which was relatively unchanged from $611 at December 31, 2014.