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Other Borrowings
 12 Months Ended
Dec. 31, 2015
Other Borrowings [Abstract]  
Other Borrowings

Note 11  – Other borrowings

 

Other borrowings consist of the following at December 31, 2015  and 2014:

 

 

 

 

 

 

As of December 31,

Short Term:

2015

 

2014

Federal funds purchased

 

 

 

Balance at end of year

$           -

 

 $3,189 

Maximum month-end outstanding balance

 814 

 

 5,976 

Average outstanding balance during the year

 184 

 

 963 

Average interest rate during the year

 1.09% 

 

 0.93% 

Average interest rate at end of year

N/A

 

 0.96% 

 

FHLB Borrowings:

 

 

 

Federal Home Loan Bank advances

 

 

 

Balance at end of year                                                                                     

$         -

 

 $12,000 

Maximum month-end outstanding balance

 12,000 

 

 12,000 

Average outstanding balance during the year

 2,269 

 

 2,082 

Average interest rate during the year

 1.23% 

 

 3.65% 

Average interest rate at end of year

N/A

 

 2.56% 

 

Short-term borrowings may consist of securities sold under agreements to repurchase, which are secured transactions with customers and generally mature the day following the date sold.  Short-term borrowings may also include Federal funds purchased, which are unsecured overnight borrowings from other financial institutions.    

 

Unsecured federal fund lines and their respective limits are maintained with the following institutions:  Community Bankers’ Bank, $11,000, Zions Bank, $4,000,  PNC Bank, $6,000 and Suntrust Bank, $3,000.  In addition, the Bank maintains a $5,000 reverse repurchase agreement with Suntrust whereby securities may be pledged as collateral in exchange for funds for a minimum of 30 days with a maximum of 90 days.  The Bank also maintains a secured federal funds line with Community Bankers’ Bank whereby it may pledge securities as collateral with no specified minimum or maximum amount or term.

 

The Bank is also a member of the Federal Home Loan Bank of Atlanta (“FHLBA”).  The Bank’s available credit through the FHLBA is $105,493 as of December 31, 2015, the most recent calculation.  The Bank must pledge collateral in order to access the FHLBA available credit.  Currently the Bank has pledged to FHLBA approximately $30,000 in 1-4 family residential mortgages which would allow the Bank to access up to this amount without any additional collateral.

 

As of December 31, 2015, there are no outstanding balances on any of the credit facilities mentioned above.