Borrowings

As of December 31, 2013, Middleburg Bank had remaining credit availability in the amount of $282.8 million at the Federal Home Loan Bank of Atlanta. This line may be utilized for short and/or long-term borrowing. Advances on the line are secured by all of the Company’s first lien residential real estate loans on 1-4 unit, single-family dwellings; home equity lines of credit; and eligible commercial real estate loans. The amount of the available credit is limited to a percentage of the estimated market value of the loans as determined periodically by the FHLB of Atlanta. Any borrowings in excess of the qualifying collateral require pledging of additional assets.

The Company had $80.0 million of Federal Home Loan Bank advances outstanding as of December 31, 2013. The interest rates on these advances ranged from 0.17% to 1.98% and the weighted-average rate was 1.13%. The Company’s Federal Home Loan Bank advances totaled $77.9 million at December 31, 2012. The weighted-average interest rate on these advances at December 31, 2012 was 1.17%.

The contractual maturities of the Company’s long-term debt are as follows:



(Dollars in thousands)	December 31, 2013
Due in 2014	$	60,000
Due in 2015	15,000
Due in 2016	5,000
Total	$	80,000

The outstanding balances and related information for Securities Sold Under Agreements to Repurchase, and Short-term Borrowings are summarized as follows:



(Dollars in thousands)	Securities sold under agreements to repurchase			Short-term borrowings
At December 31:
2013	$	34,539		$	—
2012	33,975			11,873
2011	31,686			28,331
Weighted-average interest rate at year-end:
2013	0.90		%	3.14		%
2012	0.90			5.00
2011	1.04			5.00
Maximum amount outstanding at any month's end:
2013	$	41,684		$	—
2012	38,949			17,656
2011	36,617			28,331
Average amount outstanding during the year:
2013	$	36,227		$	—
2012	34,177			8,725
2011	33,162			9,555
Weighted-average interest rate during the year:
2013	0.91		%	3.45		%
2012	0.97			4.49
2011	0.88			3.33

At December 31, 2013, Southern Trust Mortgage closed and did not renew their revolving line of credit with a regional bank which was primarily used to fund its mortgages held for sale. At December 31, 2013, this line of credit had a zero balance. This line of credit had a credit limit of $24 million at December 31, 2012 and was guaranteed by Middleburg Bank up to $10 million.

Southern Trust Mortgage also has a $75 million line of credit for financing mortgage notes it originates until such time the mortgage notes can be sold and a $5 million line of credit for operating purposes with Middleburg Bank, of which $32.3 million and $89,000, respectively, were outstanding at December 31, 2013. These lines of credit are eliminated in the consolidation process and are not reflected in the consolidated financial statements of the Company.

The Company also has a line of credit with the Federal Reserve Bank of Richmond of $43.1 million of which there was no outstanding balance at December 31, 2013.

The Company has an additional $24 million in lines of credit available from other institutions at December 31, 2013.