12. Borrowings

Short-term debt is categorized as follows:

(in thousands) December 31	2013		2012
Repurchase agreements	$	208,067	$	210,120
Federal funds purchased		12,465		12,314
Total short-term debt	$	220,532	$	222,434

All federal funds purchased and the majority of repurchase agreements mature and reprice daily. The average rates paid for federal funds purchased and repurchase agreements on December 31, 2013 were 0.15% and 0.38%, respectively.

The maximum balance for repurchase agreements at any month-end during 2013 occurred at October 31, 2013, with a month-end balance of $217.2 million. The average balance of repurchase agreements for the year was $207.1 million.

Long-term debt is categorized as follows:

(in thousands) December 31		2013				2012
Junior subordinated debentures, 1.83%, due 6/1/37		$	61,341			$	61,341

On March 31, 2007, CTBI issued $61.3 million in junior subordinated debentures to a newly formed unconsolidated Delaware statutory trust subsidiary which in turn issued $59.5 million of capital securities in a private placement to institutional investors. The debentures, which mature in 30 years but are redeemable at par at CTBI’s option after five years, were issued at a rate of 6.52% until June 1, 2012, and thereafter at a floating rate based on the three-month LIBOR plus 1.59%. The underlying capital securities were issued at the equivalent rates and terms. The proceeds of the debentures were used to fund the redemption on April 2, 2007 of all CTBI’s outstanding 9.0% and 8.25% junior subordinated debentures in the total amount of $61.3 million.

On December 2, 2013, the coupon rate was set at 1.83% for the March 3, 2014 distribution date, which was based on the three-month LIBOR rate as of November 27, 2013 of 0.24% plus 1.59%.

On October 25, 2013, Community Trust Bancorp, Inc. entered into a revolving credit promissory note for a line of credit in the amount of $12 million at a floating interest rate of 2.25% in excess of the one-month LIBOR Rate, with an unused commitment fee of 0.15%. Currently, all $12 million remain available for general corporate purposes. The agreement, which was effective October 25, 2013, replaced the agreement dated October 26, 2012, and will mature on October 24, 2014.