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BORROWINGS
12 Months Ended
Dec. 31, 2013
BORROWINGS [Abstract]  
BORROWINGS
7. BORROWINGS

Borrowings, comprised primarily of FHLB advances, securities sold under agreements to repurchase and federal funds purchased, are presented below for each period (dollars in thousands):
 
 
 
Short-Term
  
Long-Term
  
 
December 31, 2013
 
Borrowings
  
Borrowings
  
Total
 
Daily average outstanding
 
$
22
  
$
-
  
$
22
 
Total interest cost
  
-
   
-
   
-
 
Average interest rate paid
  
0.37
%
  
-
%
  
0.37
%
Maximum amount outstanding at any month-end
 
$
-
  
$
-
  
$
-
 
December 31 balance
  
-
   
-
   
-
 
Weighted-average interest rate on balances outstanding
  
-
%
  
-
%
  
-
%

 
 
Short-Term
  
Long-Term
  
 
December 31, 2012
 
Borrowings
  
Borrowings
  
Total
 
Daily average outstanding
 
$
57
  
$
-
  
$
57
 
Total interest cost
  
-
   
-
   
-
 
Average interest rate paid
  
0.48
%
  
-
%
  
0.48
%
Maximum amount outstanding at any month-end
 
$
-
  
$
-
  
$
-
 
December 31 balance
  
-
   
-
   
-
 
Weighted-average interest rate on balances outstanding
  
-
%
  
-
%
  
-
%

Assets pledged as collateral to the FHLB at December 31, 2013 and 2012 totaled $337 million and $85 million, respectively, consisting of eligible loans and investment securities as determined under FHLB borrowing guidelines. The Company had no FHLB borrowings outstanding at December 31, 2013 or 2012.