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Short-Term Borrowings
 12 Months Ended
Dec. 31, 2013
Short-Term Borrowings [Abstract]  
Short-Term Borrowings

Note 9: Short-term Borrowings

The Company's short-term borrowings consist of borrowings from the Federal Home Loan Bank (the "FHLB"), and securities sold under agreements to repurchase. The following table summarizes short-term borrowings at December 31, 2013 and 2012.

    2013     2012  
 
      Weighted       Weighted  
    Total Average     Total Average  
    Principal Rate     Principal Rate  
 
Federal Home Loan Bank Advances $ 292,690 0.78 % $ 203,441 0.99 %
Securities sold under agreements to repurchase   20,255 0.29 %   20,636 0.32 %
Total short-term borrowings $ 312,945     $ 224,077    

 

Federal Home Loan Bank Borrowings: Information concerning short-term Federal Home Loan Bank borrowings for 2013 and 2012 is summarized below:

    2013   2012
 
Average daily balance during the year $ 238,234 $ 182,134
Maximum month-end balance during the year $ 292,690 $ 206,535
Amount outstanding at end of year $ 292,690 $ 203,441

 

 

All short-term FHLB advances are fixed-rate instruments. Pursuant to an agreement with the FHLB, advances are collateralized by stock in the FHLB, investment securities and a blanket lien on qualified collateral, consisting primarily of loans with first mortgages secured by one to four family properties, and other qualifying assets such as certain commercial real estate loans. All short-term advances are payable at their call date or final maturity.

Securities Sold Under Agreements to Repurchase: Securities sold under agreements to repurchase generally mature within one to four days from the transaction date. Information concerning securities sold under agreements to repurchase for 2013, 2012 and 2011 is summarized below:

    2013     2012     2011  
 
Average daily balance during the year $ 16,924   $ 17,946   $ 17,221  
Average interest rate during the year   0.29 %   0.32 %   0.55 %
Maximum month-end balance during the year $ 21,376   $ 23,242   $ 21,878  
Amount outstanding at end of year $ 20,255   $ 20,636   $ 21,878  

 

Securities collateralizing repurchase agreements, which are held in safekeeping by nonaffiliated financial institutions and not under the Bank's control, were as follows at December 31:

    2013   2012   2011
 
Carrying value $ 35,286 $ 36,661 $ 38,716
Estimated fair value $ 35,569 $ 38,227 $ 40,262