OTHER BORROWINGS

6 Months Ended

Jun. 30, 2014

Banking and Thrift [Abstract]

OTHER BORROWINGS

NOTE 7 – OTHER BORROWINGS

Other borrowings consist of the following obligations at June 30, 2014, and December 31, 2013:

($000s)	June 30, 2014		December 31, 2013
Federal funds purchased	$	2,539	$	—
Short-term repurchase agreements		5,520		5,441
Bank stock term loan		1,000		1,500
Wholesale structured repurchase agreements		13,500		13,500
Total other borrowings	$	22,559	$	20,441

PSB pledges various securities available for sale as collateral for repurchase agreements. The fair value of securities pledged for repurchase agreements totaled $21,463 at June 30, 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 following June 30, 2014 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				Six months ended
	June 30,				June 30,
($000s)		2014		2013		2014		2013
As of end of period – weighted average rate		2.79%		2.99%		2.79%		2.99%
For the period:
Highest month-end balance	$	22,559	$	22,431	$	22,559	$	23,129
Daily average balance	$	20,641	$	23,769	$	20,584	$	22,299
Weighted average rate		3.01%		2.83%		3.04%		2.94%