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Short-term borrowings
 12 Months Ended
Dec. 31, 2014
Debt Disclosure [Abstract]  
Short-term borrowings

11. Short-term borrowings:

Securities sold under agreements to repurchase and FHLB advances generally represent overnight or less than 30-day borrowings. Short-term borrowings consisted of the following at December 31, 2014 and 2013:

 

     At and for the year ended December 31, 2014  
     Ending
Balance		      Average
Balance		      Maximum
Month-End
Balance		      Weighted
Average
Rate for
the Year		     Weighted
Average
Rate at End
of the Year		  

Repurchase agreements

    $ 682       $ 12,729       $ 22,840         0.53 %      0.38 % 

FHLB advances

      18,875         2,142         18,875         0.25        0.28   
  

 

 

     

 

 

     

 

 

       
$ 19,557    $ 14,871    $ 41,715      0.48 %    0.28 % 
  

 

 

     

 

 

     

 

 

       

 

     At and for the year ended December 31, 2013  
     Ending
Balance		      Average
Balance		      Maximum
Month-End
Balance		      Weighted
Average
Rate for
the Year		     Weighted
Average
Rate at End
of the Year		  

Repurchase agreements

    $ 22,052       $ 10,107       $ 25,898         0.33 %      0.67 % 

FHLB advances

         51            0.33     
  

 

 

     

 

 

     

 

 

       
$ 22,052    $ 10,158    $ 25,898      0.33 %    0.67 % 
  

 

 

     

 

 

     

 

 

       

Peoples Bank has an agreement with the FHLB which allows for borrowings up to its maximum borrowing capacity based on a percentage of qualifying collateral assets. At December 31, 2014, Peoples Bank’s maximum borrowing capacity was $544,320 of which $52,015 was outstanding in borrowings. Advances with the FHLB are secured under terms of a blanket collateral agreement by a pledge of FHLB stock and certain other qualifying collateral, such as investments and mortgage-backed securities and mortgage loans. Interest accrues daily on the FHLB advances based on rates of the FHLB discount notes. This rate resets each day.

Securities sold under repurchase agreements are retained under Peoples Bank’s control at its safekeeping agent. The Bank may be required to provide additional collateral based on the fair value of the underlying securities.