Borrowings

The Company, through its subsidiary bank, borrows funds in the form of federal funds purchased, securities sold under agreements to repurchase and Federal Home Loan Bank advances.

Federal fund lines of credit are extended to the Bank by nonaffiliated banks with which a correspondent banking relationship exists. The line of credit amount is determined by the creditworthiness of the Bank and, in particular, its regulatory capital ratios, which are discussed in Note 16. Federal funds purchased generally mature each business day. The following table summarizes information related to federal funds purchased for the years ended December 31, 2013 and 2012:



	December 31,
	2013			2012
	(dollars in thousands)
Balance at year-end	$	—		$	—
Average balance during the year	270			174
Average interest rate during the year	0.88		%	0.78		%
Maximum month-end balance during the year	$	5,616		$	6,475
Gross lines of credit at year-end	36,000			36,000
Unused lines of credit at year-end	36,000			36,000

Securities sold under agreements to repurchase are borrowings in which the Bank obtains funds by selling securities and simultaneously agreeing to repurchase the securities for an agreed upon term at a given price which includes interest. The Company had no funds from customers through retail repurchase agreements at December 31, 2013. Generally, the term for retail repurchase agreements is the next business day. The Company had no funds from a larger financial institution through a wholesale repurchase agreement at December 31, 2013. The amount of borrowings through securities sold under agreements to repurchase is restricted by the amount of securities which are designated for these transactions.

The following table summarizes information related to securities sold under agreement to repurchase for the years ended December 31, 2013 and 2012:



	December 31,
	2013			2012
	(dollars in thousands)
Balance at year-end	$	—		$	10,000
Average balance during the year	795			10,000
Average interest rate during the year	3.58		%	3.59		%
Maximum month-end balance during the year	$	—		$	10,000
Securities underlying the agreements at year-end:
Carrying value	—			12,118
Fair value	—			12,985

As of December 31, 2013, Company had remaining credit availability in the amount of $73.9 million at the Federal Home Loan Bank of Atlanta. This line may be utilized for short and/or long-term borrowing. Advances on the line are secured by all of the Company’s eligible first lien residential real estate loans on one-to-four-unit, single-family dwellings; multi-family dwellings; home equity lines of credit; and commercial real estate loans. The amount of the available credit is limited to a percentage of the estimated market value of the loans as determined periodically by the FHLB of Atlanta. The amount of the available credit is also limited to 20% of total Bank assets.

The Company had $22.3 million in borrowings with the FHLB at December 31, 2013, which matures as follows: $2.3 million in 2014 and $20.0 million in 2015. The Company had $20.0 million in long-term borrowings with the FHLB at December 31, 2013. The interest rates on the outstanding long-term advances at December 31, 2013 ranged from 3.02% to 3.03%. The weighted average interest rate on outstanding long-term advances at December 31, 2013 was 3.02%. The Company had $2.3 million short-term borrowings with the FHLB at December 31, 2013. The weighted average interest rate on outstanding short-term advances at December 31, 2013 was 3.08%.