Short-Term Borrowings

3 Months Ended

Mar. 31, 2012

Short-Term Borrowings [Abstract]

Short-Term Borrowings

(8) Short-Term Borrowings

The Corporation 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, 2012, the Bank had pledged approximately $86,319 in qualifying home equity lines of credit, resulting in an available line of credit of approximately $43,159. No amounts were outstanding at March 31, 2012 or December 31, 2011. The Corporation also has a $4,000 line of credit with an unaffiliated financial institution. The balance of this line of credit was $0 as of March 31, 2012 and December 31, 2011.

Short-term borrowings include securities sold under repurchase agreements and Federal funds purchased from correspondent banks. Securities sold under repurchase agreements at March 31, 2012 and December 31, 2011 were $894 and $227, respectively. The interest rate paid on these borrowings was 0.15% at March 31, 2012 and December 31, 2011. No Federal Funds were purchased as of March 31, 2012 and December 31, 2011.