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Short-term Borrowings
12 Months Ended
Dec. 31, 2013
Debt Disclosure [Abstract]  
Short-term Borrowings
SHORT-TERM BORROWINGS

Short-term borrowings as of December 31, 2013 and 2012, were as follows, in thousands:
 
2013
 
2012
Securities sold under agreement to repurchase
$
234,659

 
$
203,355

Federal funds purchased
69,097

 
5,525

Advances from the FHLB
105,000

 
10,000

Notes payable to unaffiliated banks

 
5,746

Total
$
408,756

 
$
224,626



At December 31, 2013, Heartland has one credit line with an unaffiliated bank with revolving borrowing capacity of $20.0 million. At December 31, 2012, Heartland had two credit lines with two unaffiliated banks, each with revolving borrowing capacity of $5.0 million. At December 31, 2013 and 2012, Heartland had no outstanding balance on any lines of credit.

The agreement with the lender of the revolving credit line of $20.0 million and the term loan (as indicated in Note 11) contains specific financial covenants, all of which Heartland was in compliance with at December 31, 2013 and 2012:

Heartland will maintain regulatory capital at well capitalized levels on a consolidated basis.
Heartland will maintain on a consolidated basis a minimum return on average assets of at least .50% tested quarterly on a rolling four-quarter basis.
On a consolidated basis, Heartland's nonperforming assets to Tier 1 capital and allowance for loan and lease losses will not exceed 30%, measured continuously.
Heartland will maintain on a consolidated basis a minimum allowance for loan and lease losses to gross loans and leases ratio of 1.00%.
Heartland will inform the lender of any material regulatory non-compliance or written agreement concerning Heartland or any of its subsidiaries.
A senior officer of Heartland will submit a written quarterly statement of compliance with the financial covenants established under the credit agreement.

All retail repurchase agreements as of December 31, 2013 and 2012 were due within twelve months.

Average and maximum balances and rates on aggregate short-term borrowings outstanding during the years ended December 31, 2013, December 31, 2012, and December 31, 2011 were as follows, in thousands:
 
2013
 
2012
 
2011
Maximum month-end balance
$
408,756

 
$
298,662

 
$
270,081

Average month-end balance
274,352

 
248,048

 
197,527

Weighted average interest rate for the year
0.31
%
 
0.32
%
 
0.44
%
Weighted average interest rate at year-end
0.19
%
 
0.31
%
 
0.35
%


Dubuque Bank and Trust Company is a participant in the Borrower-In-Custody of Collateral Program at the Federal Reserve Bank of Chicago, which provides the capability to borrow short-term funds under the Discount Window Program. Advances under this program were collateralized by a portion of the commercial loan portfolio of Dubuque Bank and Trust Company in the amount of $100.8 million at December 31, 2013, and $101.3 million at December 31, 2012. There were no borrowings under the Discount Window Program outstanding at year-end 2013 and 2012.