Short-Term Borrowings

12 Months Ended

Dec. 31, 2014

NOTE 9 – SHORT-TERM BORROWINGS

Short-term borrowings, which consist of federal funds purchased and other short-term borrowings are summarized as follows:


	At December 31, 2014
	Federal Funds Purchased			Short-term Borrowings
Outstanding balance at year end	$	—		$	42,700
Maximum indebtedness during the year		—			42,700
Average balance during the year		41			1,951
Average rate paid during the year		0.54	%		0.19	%
Interest rate on year end balance		—			0.14	%


	At December 31, 2013
	Federal Funds Purchased			Short-term Borrowings
Outstanding balance at year end	$	—		$	—
Maximum indebtedness during the year		10,000			—
Average balance during the year		28			—
Average rate paid during the year		0.53	%		—
Interest rate on year end balance		—			—

Outstanding during the year represent daily averages. Average interest rates represent interest expense divided by the related average balances.

These borrowing transactions can range from overnight to six months in maturity. The average maturity was one day at December 31, 2014. There were no outstanding short-term borrowings at December 31, 2013.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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