Other Borrowings

9 Months Ended

Sep. 30, 2014

Other Borrowings [Abstract]

OTHER BORROWINGS

NOTE 7 – OTHER BORROWINGS

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

($000s)	September 30, 2014		December 31, 2013
Federal funds purchased	$	–	$	–
Short-term repurchase agreements		4,211		5,441
Bank stock term loan		500		1,500
Wholesale structured repurchase agreements		13,500		13,500
Total other borrowings	$	18,211	$	20,441

PSB pledges various securities available for sale as collateral for repurchase agreements. The fair value of securities pledged for repurchase agreements totaled $20,864 at September 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 of $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						Nine months ended
	September 30,						September 30,
	2014			2013			2014			2013
As of end of period – weighted average rate		3.20	%		3.09	%		3.20	%		3.09	%
For the period:
Highest month-end balance	$	24,198		$	24,100		$	24,198		$	24,100
Daily average balance	$	19,962		$	22,797		$	20,348		$	22,368
Weighted average rate		3.06	%		2.87	%		3.05	%		2.93	%