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SHORT-TERM BORROWINGS
 12 Months Ended
Dec. 31, 2014
SHORT-TERM BORROWINGS [Abstract]  
SHORT-TERM BORROWINGS
9. SHORT-TERM BORROWINGS

 

Short-term borrowings, which consist of federal funds purchased and other short-term borrowings are summarized as follows:

 

AT DECEMBER 31, 2014

FEDERAL
FUNDS
PURCHASED

  

SHORT-TERM
BORROWINGS

 

(IN THOUSANDS, EXCEPT RATES)
Balance $ —     $ 38,880  
Maximum indebtedness at any month end     —       47,762  
Average balance during year     —       18,783  
Average rate paid for the year     —       0.29 %
Interest rate on year-end balance     —       0.27  

 

AT DECEMBER 31, 2013

FEDERAL
FUNDS
PURCHASED

  

SHORT-TERM
BORROWINGS

 

(IN THOUSANDS, EXCEPT RATES)
Balance $ —     $ 41,555  
Maximum indebtedness at any month end     —       41,555  
Average balance during year     959       16,482  
Average rate paid for the year     0.34 %     0.26 %
Interest rate on year-end balance     —       0.25  

 

AT DECEMBER 31, 2012

FEDERAL
FUNDS
PURCHASED

  

OTHER
SHORT-TERM
BORROWINGS

 

(IN THOUSANDS, EXCEPT RATES)
Balance $ —     $ 15,660  
Maximum indebtedness at any month end     —       19,755  
Average balance during year     117       5,225  
Average rate paid for the year     0.34 %     0.20 %
Interest rate on year-end balance     —       0.25  

 

Average amounts outstanding during the year represent daily averages. Average interest rates represent interest expense divided by the related average balances.

 

These borrowing transactions can range from overnight to one year in maturity. The average maturity was one day at the end of 2014, 2013 and 2012.