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Borrowed Funds (Tables)
12 Months Ended
Dec. 31, 2014
Borrowed Funds [Abstract]  
Summary of Short Term Borrowings

 

 

 

 

 

 

 

 

 

 

(Dollars in thousands)

2014

2013

Securities sold under agreements to repurchase:

 

 

 

 

Outstanding at end of year

$

39,801 

$

43,676 

Weighted average interest rate at year end

 

0.15% 

 

0.14% 

Maximum amount outstanding as of any month end

$

53,819 

$

61,354 

Average amount outstanding

$

45,702 

$

47,777 

Approximate weighted average rate during the year

 

0.13% 

 

0.13% 

 

Summary of Long Term Borrowings

The following is a summary of long-term borrowings at December 31, 2014 and 2013 with original maturities exceeding one year:

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

2014

2013

FHLB advances, bearing fixed interest rates ranging from 1.00% to 3.69% at December 31, 2014

$

135,876 

$

135,942 

Junior subordinated debt, bearing variable interest rates ranging from 2.09% to 2.99% at December 31, 2014

 

35,929 

 

35,929 

Junior subordinated debt, bearing fixed interest rate of 9.88% at December 31, 2014

 

10,801 

 

10,801 

Total long-term debt

$

182,606 

$

182,672 

 

Contractual Maturities of All Long Term Borrowings

The contractual maturities of long-term borrowings at December 31, 2014 and 2013 are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

 

 

 

Fixed

Floating

 

 

 

2013

(in thousands)

Rate

Rate

Total

 

Total

Due in 2014

$

$

$

 

$

Due in 2015

 

30,000 

 

5,000 

 

35,000 

 

 

35,000 

Due in 2016

 

 

 

 

 

Due in 2017

 

 

 

 

 

Due in 2018

 

70,000 

 

 

70,000 

 

 

70,000 

Due in 2019

 

 

 

 

 

Thereafter

 

46,677 

 

30,929 

 

77,606 

 

 

77,672 

Total long-term debt

$

146,677 

$

35,929 

$

182,606 

 

$

182,672 

 

Schedule of Pledged Collateral on Line of Credit

The line is secured by certain qualified mortgage, commercial and home equity loans and investment securities as follows (in thousands):

 

 

 

 

 

 

 

 

1-4 family mortgage loans

$

153,866 

Commercial loans

 

5,246 

Multi-family loans

 

458 

Home equity loans

 

21,574 

Investment securities

 

445 

 

$

181,589