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Borrowings | 3 Months Ended
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Mar. 31, 2015
Borrowings | Note 8. Borrowings The following table presents the composition of borrowings as of the dates indicated:
|  | March 31, 2015 |  |  | December 31, 2014 |
(Amounts in thousands) |  |  |  |  |  |
Securities sold under agreements to repurchase: |  |  |  |  |  |  |  |
Retail |  | $ | 66,302 |  |  | $ | 71,742 |
Wholesale |  |  | 50,000 |  |  |  | 50,000 |
Total securities sold under agreements to repurchase |  |  | 116,302 |  |  |  | 121,742 |
FHLB borrowings |  |  | 90,000 |  |  |  | 90,000 |
Subordinated debt |  |  | 15,464 |  |  |  | 15,464 |
Other debt |  |  | 535 |  |  |  | 2,535 |
Total borrowings |  | $ | 222,301 |  |  | $ | 229,741 |
Short-term borrowings generally consist of federal funds purchased and retail repurchase agreements, which are typically collateralized with agency MBS. There were no federal funds purchased as of March 31, 2015, or December 31, 2014. The weighted average rate of federal funds purchased was 0.34% as of December 31, 2014. The weighted average rate of retail repurchase agreements was 0.12% as of March 31, 2015, and 0.13% as of December 31, 2014. Long-term borrowings consist of wholesale repurchase agreements; FHLB borrowings, including convertible and callable advances; and other obligations. The weighted average contractual rate of wholesale repurchase agreements was 3.71% as of March 31, 2015, and December 31, 2014. The weighted average contractual rate of FHLB borrowings was 4.07% as of March 31, 2015, and December 31, 2014. The following schedule presents the contractual maturities of wholesale repurchase agreements and FHLB borrowings, by year, as of March 31, 2015:
|  | Wholesale Repurchase Agreements |  |  | FHLB Borrowings |  |  | Total |
(Amounts in thousands) |  |  |  |  |  |  |  |  |
2015 |  | $ | — |  |  | $ | — |  |  | $ | — |
2016 |  |  | 25,000 |  |  |  | — |  |  |  | 25,000 |
2017 |  |  | — |  |  |  | 40,000 |  |  |  | 40,000 |
2018 |  |  | — |  |  |  | — |  |  |  | — |
2019 |  |  | 25,000 |  |  |  | — |  |  |  | 25,000 |
2020 and thereafter |  |  | — |  |  |  | 50,000 |  |  |  | 50,000 |
|  | $ | 50,000 |  |  | $ | 90,000 |  |  | $ | 140,000 |
Weighted average maturity (in years) |  |  | 2.83 |  |  |  | 4.14 |  |  |  | 3.67 |
The FHLB may redeem callable advances at quarterly intervals after various lockout periods, which could substantially shorten the lives of the advances. If called, the advance may be paid in full or converted into another FHLB credit product. Prepayment of an advance may result in substantial penalties based on the differential between the contractual note and current advance rate for similar maturities. The Company is required to pledge qualifying collateral to secure FHLB advances and letters of credit. As of March 31, 2015, the Company provided for two FHLB letters of credit to collateralize public unit deposits totaling $6.18 million. FHLB borrowings were secured by qualifying loans that totaled $991 thousand as of March 31, 2015, and $981 thousand as of December 31, 2014. Unused borrowing capacity with the FHLB, net of FHLB letters of credit, totaled $420.81 million as of March 31, 2015. Subordinated debt consists of Company-issued junior subordinated debentures (“Debentures”). The Company-issued Debentures totaling $15.46 million to the Trust in October 2003 with an interest rate of three-month London InterBank Offered Rate (“LIBOR”) plus 2.95%. The Trust was able to purchase the Debentures through the issuance of trust preferred securities, which had substantially identical terms as the Debentures. The Debentures mature on October 8, 2033, and are currently callable quarterly. Net proceeds from the offering were contributed as capital to the Bank to support further growth. The Company’s obligations under the Debentures and other relevant Trust agreements, in aggregate, constitute a full and unconditional guarantee by the Company of the Trust’s obligations. The preferred securities issued by the Trust are not included in the Company’s consolidated balance sheets; however, these securities qualify as Tier 1 capital for regulatory purposes, subject to guidelines issued by the Board of Governors of the Federal Reserve System (“Federal Reserve”). The Federal Reserve’s quantitative limits did not prevent the Company from including all $15.46 million in trust preferred securities outstanding in Tier 1 capital as of March 31, 2015, and December 31, 2014. The Company maintains a $15.00 million unsecured, committed line of credit with an unrelated financial institution that carries an interest rate of one-month LIBOR plus 2.00% and matures in April 2015. As of March 31, 2015, there was no outstanding balance on the line compared to an outstanding balance of $2.00 million as of December 31, 2014.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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