Other Borrowings

12 Months Ended

Dec. 31, 2013

Other Borrowings

Other Borrowings

NOTE 11 Other Borrowings

Other borrowings consist of the following obligations at December 31 as follows:

	2013		2012
Short-term repurchase agreements	$	5,441	$	7,228
Bank stock term loan		1,500		0
Wholesale structured repurchase agreements		13,500		13,500
Total other borrowings	$	20,441	$	20,728

PSB pledges various securities available for sale as collateral for repurchase agreements. The fair value of securities pledged for repurchase agreements totaled $22,699 and $21,931 at December 31, 2013 and 2012, respectively.

The following information relates to securities sold under repurchase agreements for the years ended December 31:

	2013		2012
As of end of year:
Weighted average rate		3.08%		2.81%
For the year:
Highest month-end balance	$	24,100	$	20,728
Daily average balance	$	21,862	$	19,190
Weighted average rate		2.97%		3.11%

The wholesale structured repurchase agreements are with JP Morgan Chase Bank N.A. and carry fixed rates. The repurchase agreements may be put back by the issuer to PSB for repayment on a quarterly basis. The following information relates to the terms of wholesale structured repurchase agreements issued at December 31, 2013:

Maturity Date	Current Rate	Amount
November 1, 2014	4.335%	$	8,000
November 1, 2017	4.090%		5,500
Totals	4.235%	$	13,500

PSB has an agreement with the Federal Reserve to participate in their “Borrower in Custody” program in which performing commercial and commercial real estate loans may be pledged against short-term Discount Window advances. At December 31, 2013, the maximum amount of available advances from the Discount Window totaled $100,000, subject to available collateral pledged under the Borrower in Custody program or pledge of qualifying investment securities. At December 31, 2013, PSB had pledged $120,269 of commercial purpose loans in the program, which permitted Discount Window advances up to $89,875 against this collateral. No investment securities were pledged against the line at December 31, 2013 or 2012. There were no Discount Window advances outstanding at December 31, 2013 or 2012.

PSB maintains a line of credit at the parent holding company level with Bankers’ Bank, Madison, Wisconsin, for advances up to $3,000 which expires on December 30, 2014, and is secured by a pledge of PSB Holdings, Inc.’s investment in the common stock of the Bank. The line carries a variable rate of interest based on changes in the three-month London InterBank Offered Rate (LIBOR). As of December 31, 2013 and 2012, no advances were outstanding on the line of credit. Draws on the line of credit are subject to several restrictive covenants including minimum regulatory capital ratios, minimum capital and loan loss allowances to nonperforming assets, and minimum loan loss allowances to nonperforming assets. PSB did not violate any of the covenants at December 31, 2013 or 2012.

PSB has a term loan outstanding at the parent holding company level payable to Bankers’ Bank with semiannual installments of principal that was originated during 2013. Principal payments due are $1,000 in 2014 and $500 in 2015. Total interest expense on the term note totaled $54 during 2013.