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Borrowed Funds | 12 Months Ended
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Dec. 31, 2013
Borrowed Funds [Abstract] |
BORROWED FUNDS | Note 10 — Borrowed Funds: Long-term borrowings at December 31, 2013 and 2012 consisted of the following:
|  | 2013 |  | 2012 |
|  | (Dollars in Thousands) |
FHLB long-term advances |  | $ | 115,000 |  | $ | 115,000 |
Securities sold under agreements to repurchase |  |  | 31,000 |  |  | 31,000 |
Total long-term borrowings |  | $ | 146,000 |  | $ | 146,000 |
Securities sold under agreements to repurchase had average balances of $31.0 million and $38.2 million for the years ended December 31, 2013 and 2012, respectively. The maximum amount outstanding at any month end during 2013 and 2012 was $31.0 million and $41.0 million, respectively. The average interest rate paid on securities sold under agreements to repurchase were 5.99 percent, 5.54 percent and 3.39 percent for the years ended December 31, 2013, 2012 and 2011, respectively. The weighted average interest rates on long term borrowings at December 31, 2013 and 2012 were 3.82 percent and 3.97 percent, respectively. The maximum amount outstanding at any month-end during 2013 and 2012 was $161.0 million. The average interest rates paid on Federal Home Loan Bank advances were 3.46 percent and 3.51 percent for the years ended December 31, 2013 and 2012, respectively. The maximum borrowing capacity with the Federal Home Loan Bank is limited to 25 percent of the Corporation’s total assets. At December 31, 2013 and 2012, advances from the Federal Home Loan Bank of New York (“FHLB”) amounted to $115.0 million. The FHLB advances had a weighted average interest rate of 3.26 percent and 3.44 percent at December 31, 2013 and 2012, respectively. These advances are secured by pledges of FHLB stock, 1 – 4 family residential mortgages, commercial real estate mortgages and U.S. Government and Federal Agency obligations. The advances are subject to quarterly call provisions at the discretion of the FHLB and at December 31, 2013 and 2012, are contractually scheduled for repayment as follows:
|  | 2013 |  | 2012 |
|  | (Dollars in Thousands) |
2016 |  | $ | — |  | $ | 20,000 |
2017 |  |  | 35,000 |  |  | 55,000 |
2018 |  |  | 40,000 |  |  | 40,000 |
2020 |  |  | 40,000 |  |  | — |
Total |  | $ | 115,000 |  | $ | 115,000 |
The securities sold under repurchase agreements to other counterparties included in long-term debt totaled $31.0 million at December 31, 2013 and 2012. The weighted average rates were 5.90 percent at December 31, 2013 and 2012. The schedule for contractual repayment is as follows:
|  | 2013 |  | 2012 |
|  | (Dollars in Thousands)
2017 |  | $ | 15,000 |  | $ | 15,000 |
2018 |  |  | 16,000 |  |  | 16,000 |
Total |  | $ | 31,000 |  | $ | 31,000 |

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- Definition The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13(a)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 + Details
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