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Short-Term Borrowed Funds
 12 Months Ended
Dec. 31, 2016
Debt Disclosure [Abstract]  
Short-Term Borrowed Funds

Note 10 - Short-Term Borrowed Funds

The following tables set forth certain information regarding the amounts, year-end weighted average rates, average balances, weighted average rate, and maximum month-end balances for short-term borrowed funds, at and during 2016 and 2015:

 

 

 

2016

 

 

2015

 

 

 

Amount

 

 

Rate

 

 

Amount

 

 

Rate

 

 

 

(dollars in thousands)

 

At year-end

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Master notes and other short term borrowing

 

$

2,162

 

 

 

0.25

%

 

$

3,396

 

 

 

0.25

%

Notes payable

 

 

12

 

 

 

6.00

%

 

 

12

 

 

 

6.00

%

Short-term line of credit

 

 

500

 

 

 

3.75

%

 

 

2,350

 

 

 

3.50

%

 

 

$

2,674

 

 

 

0.93

%

 

$

5,758

 

 

 

1.59

%

 

 

 

2016

 

 

2015

 

 

 

Amount

 

 

Rate

 

 

Amount

 

 

Rate

 

 

 

(dollars in thousands)

 

Average for the year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal funds purchased

 

$

2

 

 

 

1.48

%

 

$

2

 

 

 

0.79

%

Master notes and other short term borrowing

 

 

2,540

 

 

 

0.25

%

 

 

3,280

 

 

 

0.25

%

Notes payable

 

 

12

 

 

 

6.31

%

 

 

18

 

 

 

6.00

%

Short-term line of credit

 

 

803

 

 

 

3.67

%

 

 

1,598

 

 

 

3.51

%

 

 

$

3,357

 

 

 

1.09

%

 

$

4,898

 

 

 

1.32

%

 

Note 10 - Short-Term Borrowed Funds (Continued)

 

 

 

2016

 

 

2015

 

 

 

(dollars in thousands)

 

Maximum month-end balance

 

 

 

 

 

 

 

 

Master notes and other short term borrowing

 

 

4,325

 

 

 

4,736

 

Notes payable

 

 

12

 

 

 

12

 

Short-term line of credit

 

 

2,350

 

 

 

2,350

 

 

Master notes and other secured borrowings represent an overnight investment in commercial paper issued by the Company to customers of its subsidiary bank, where an agreement is in place.

The Company has a short-term line of credit with $500,000 outstanding at December 31, 2016. The line of credit has an interest rate of 3.75% and matures July 5, 2017. The line is collateralized by Uwharrie Bank Stock.

The subsidiary bank has combined available lines of credit for federal funds and Federal Reserve discount window availability in the amount of $55.4 million at December 31, 2016.