12. Borrowings

Short-term debt is categorized as follows:

(in thousands) December 31	2014		2013
Repurchase agreements	$	235,186	$	208,067
Federal funds purchased		11,041		12,465
Total short-term debt	$	246,227	$	220,532

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, 2014 were 0.15% and 0.36%, respectively.

The maximum balance for repurchase agreements at any month-end during 2014 occurred at November 30, 2014, with a month-end balance of $252.3 million. The average balance of repurchase agreements for the year was $221.2 million.

Long-term debt is categorized as follows:

(in thousands) December 31		2014				2013
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 November 26, 2014, the coupon rate was set at 1.83% for the March 2, 2015 distribution date, which was based on the three-month LIBOR rate as of November 26, 2014 of 0.24% plus 1.59%.

On October 31, 2014, 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 2.00% 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 31, 2014, replaced the agreement dated October 25, 2013, and will mature on October 30, 2015.