Note 12 – Borrowed Funds

The following table summarizes short-term borrowings with original maturities of less than one year:


(Dollars in thousands)	Three Months Ended March 31, 2014		Year Ended December 31, 2013
Securities sold under agreements to repurchase:
Outstanding at end of period	$	43,617	$	43,676
Weighted average interest rate at end of period		0.13%		0.14%
Maximum amount outstanding as of any month end	$	48,195	$	61,354
Average amount outstanding	$	43,307	$	47,777
Approximate weighted average rate during the period		0.13%		0.13%

At March 31, 2014, the repurchase agreements were secured by $64.9 million in available-for-sale investment securities.

The following table summarizes long-term borrowings with original maturities exceeding one year:


	March 31,		December 31,
(In thousands)	2014		2013
FHLB advances, bearing fixed interest at rates ranging from 1.00% to 3.69% at March 31, 2014	$	135,926	$	135,942
Junior subordinated debt, bearing variable interest rates ranging from 2.08% to 2.98% at March 31, 2014		35,929		35,929
Junior subordinated debt, bearing fixed interest rate of 9.88% at March 31, 2014		10,801		10,801
Total long-term debt	$	182,656	$	182,672

At March 31, 2014, the long-term FHLB advances were secured by $161.6 million in loans and $.6 million in investment securities.

The contractual maturities of all long-term borrowings are as follows: