OTHER BORROWINGS

3 Months Ended

Mar. 31, 2014

Other Borrowings

OTHER BORROWINGS

NOTE 6 – OTHER BORROWINGS

Other borrowings consist of the following obligations at March 31, 2014, and December 31, 2013:

	March 31, 2014		December 31, 2013
Short-term repurchase agreements	$	5,919	$	5,441
Bank stock term loan		1,000		1,500
Wholesale structured repurchase agreements		13,500		13,500
Total other borrowings	$	20,419	$	20,441

PSB pledges various securities available for sale as collateral for repurchase agreements. The fair value of securities pledged for repurchase agreements totaled $21,225 at March 31, 2014 and $22,699 at December 31, 2013.

PSB has pledged its common stock ownership of its subsidiary, Peoples State Bank, as collateral for the bank stock term loan. The bank note carries a floating rate of interest with required remaining principal payments of $500 in 2014 and $500 in 2015. In addition, $8,000 of wholesale structured repurchase agreements mature in 2014 with the remaining $5,500 maturing in 2017.

The following information relates to securities sold under repurchase agreements and other borrowings:

	Three months ended
	March 31,
	2014		2013
As of end of period – weighted average rate		3.00%		2.84%
For the period:
Highest month-end balance	$	20,561	$	23,129
Daily average balance	$	20,441	$	21,154
Weighted average rate		3.08%		3.01%