Short-term Borrowings

12 Months Ended

Dec. 31, 2013

Short-term Debt:

Short-term Debt Text Block

NOTE 10: SHORT-TERM BORROWINGS

At December 31, 2013, 2012, and 2011,the composition of short-term borrowings is presented below.

	2013				2012				2011
			Weighted				Weighted				Weighted
(Dollars in thousands)		Amount	Avg. Rate			Amount	Avg. Rate			Amount	Avg. Rate
Federal funds purchased:
As of December 31	$	—	—		$	—	—		$	—	—
Average during the year		43	0.92	%		225	0.96	%		6	1.00	%
Maximum outstanding at
any month-end		2,376				1,925				—
Securities sold under
agreements to repurchase:
As of December 31	$	3,363	0.50	%	$	2,689	0.50	%	$	2,805	0.50	%
Average during the year		2,774	0.50	%		2,746	0.50	%		2,416	0.50	%
Maximum outstanding at
any month-end		3,363				3,174				2,936

Federal funds purchased represent unsecured overnight borrowings from other financial institutions by the Bank. The Bank had available federal fund lines totaling $41.0 million with none outstanding at December 31, 2013.

Securities sold under agreements to repurchase represent short-term borrowings with maturities less than one year collateralized by a portion of the Company’s securities portfolio. Securities with an aggregate carrying value of $6.9 million and $8.0 million at December 31, 2013 and 2012, respectively, were pledged to secure securities sold under agreements to repurchase.