XML 32 R18.htm IDEA: XBRL DOCUMENT v3.3.1.900
Note 10 - Short-term Borrowings
 12 Months Ended
Dec. 31, 2015
Disclosure Text Block [Abstract]  
Short-term Debt [Text Block]

10.

SHORT-TERM BORROWINGS

The year ended December 31 outstanding balances and related information of short-term borrowings, which includes securities sold under agreements to repurchase and short-term borrowings from other banks, are summarized as follows:


(Dollar amounts in thousands) 

  

2015

    

2014

  
                 

Balance at year-end

   $ 35,825     $ 14,808  

Average balance outstanding

     11,768       8,379  

Maximum month-end balance

     35,825       19,970  

Weighted-average rate at year-end

     1.37 %     0.98 %

Weighted-average rate during the year

     1.65 %     1.77 %

Average balances outstanding during the year represent daily average balances, and average interest rates represent interest expense divided by the related average balance.


The Company maintains a $4.0 million line of credit at an adjustable rate, currently 3.92%, a $3.0 million line of credit at an adjustable rate, currently at 4.00%, and a $2.5 million line of credit at an adjustable rate, currently 3.75%. At December 31, 2015, 2014, and 2013, outstanding borrowings under these lines were $9.5 million, $3.1 million, and $3.9 million, respectively.


The following table provides additional detail regarding short-term borrowed funds.


   

Repurchase Agreements (Sweep) Accounted

for as Secured Borrowings

(in thousands)

Overnight and Continuous

  
   

December 31, 2015

    

December 31, 2014

  

Repurchase agreements:

                

U.S. Government agency securities

  $ 1,052     $ 1,090  

Mortgage-backed securities in government-sponsored entities

    1,877       2,091  
    $ 2,929     $ 3,181