Borrowings

As of December 31, 2014, Middleburg Bank had remaining credit availability in the amount of $305.5 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 $55.0 million of Federal Home Loan Bank advances outstanding as of December 31, 2014. The interest rates on these advances ranged from 0.20% to 1.11% and the weighted-average rate was 0.46%. The Company’s Federal Home Loan Bank advances totaled $80.0 million at December 31, 2013. The weighted-average interest rate on these advances at December 31, 2013 was 1.13%.

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



(Dollars in thousands)	December 31, 2014
Due in 2015	$	50,000
Due in 2016	5,000
Total	$	55,000

Securities sold under agreements to repurchase include:


•	Secured transactions with customers which generally mature the day following the day sold totaling $26.3 million and $22.17 million at December 31, 2014 and December 31, 2013, respectively.


•	Two structured repurchase agreements in the amounts of $7.2 million and $5.0 million at December 31, 2014 and $7.4 million and $5.0 million at December 31, 2013 with maturities of January 18, 2015 and May 27, 2015, respectively.

The outstanding balances and related information for securities sold under agreements to repurchase are summarized as follows:



(Dollars in thousands)	Securities sold under agreements to repurchase
At December 31:
2014	$	38,551
2013	34,539
Weighted-average interest rate at year-end:
2014	0.80		%
2013	0.90
Maximum amount outstanding at any month's end:
2014	$	43,989
2013	41,684
Average amount outstanding during the year:
2014	$	37,035
2013	36,227
Weighted-average interest rate during the year:
2014	0.86		%
2013	0.91

At December 31, 2013, Southern Trust Mortgage had a $75 million line of credit for financing mortgage notes it originated until such time the mortgage notes were 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 were eliminated in the consolidation process and were not reflected in the consolidated financial statements of the Company. On May 15, 2014, Middleburg Financial Corporation, through its banking subsidiary, Middleburg Bank, sold all of its majority interest in Southern Trust Mortgage. As of the date of sale, the Company reduced the line of credit to $17 million of which $8.5 million was outstanding at December 31, 2014 and is classified as a loan in the consolidated financial statements of the Company.

The Company also has a line of credit with the Federal Reserve Bank of Richmond of $35.8 million of which there was no outstanding balance at December 31, 2014.

The Company has an additional $24 million in lines of credit available from other institutions at December 31, 2014.