XML 141 R20.htm IDEA: XBRL DOCUMENT v2.4.1.9
SHORT-TERM BORROWINGS
 12 Months Ended
Dec. 31, 2014
SHORT-TERM BORROWINGS  
SHORT-TERM BORROWINGS

 

12.SHORT-TERM BORROWINGS

 

At December 31, 2014, short-term borrowings consist of short-term FHLB advances of $38.0 million. At December 31, 2013, short-term borrowings consist of short-term FHLB advances of $8.0 million and overdraft balances in due from bank accounts.

 

At December 31, 2014 and 2013, our bank had additional unused borrowings available at the Federal Reserve discount window of $33.3 million and $46.5 million, respectively. As of December 31, 2014 and 2013, certain commercial real estate and commercial loans with a carrying value totaling $72.9 million and $79.7 million, respectively, were pledged as collateral on our line of credit with the Federal Reserve discount window. The Federal Reserve does not have the right to sell or repledge these loans.

 

Interest expense on short-term borrowings were $92 thousand, $6 thousand and nil in 2014, 2013 and 2012, respectively.

 

A summary of our short-term borrowings as of December 31, 2014, 2013 and 2012 is as follows:

 

 

 

Year Ended December 31,

 

 

 

2014

 

2013

 

2012

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

Amount outstanding at December 31

 

$
38,000 

 

$
8,015 

 

$

—

 

Average amount outstanding during year

 
31,732 

 
1,988 

 
11 

 

Highest month-end balance during year

 
102,000 

 
28,000 

 

—

 

Weighted average interest rate on balances outstanding at December 31

 
0.25 

%
0.23 

%
0.00 

%

Weighted average interest rate during year

 
0.29 

%
0.32 

%
0.70 

%