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Short-term Borrowings
 12 Months Ended
Dec. 31, 2014
Short-Term Debt [Abstract]  
Short-term Borrowings
Note 6. Short-term Borrowings
 
 
Short-term borrowings are as follows:

 
2014
2013
2012
Notes payable - U.S. Treasury
 $ - $ - $ 254,749
$ - $ - $ 254,749
 
Notes payable to the U.S. Treasury represented Federal treasury tax and loan deposits accepted by the Bank from its customers to be remitted on demand to the Federal Reserve Bank. The Bank paid interest on these balances at or below the Federal funds rate.
 
 
The Bank owned 13,278 shares of common stock of the FHLB at December 31, 2014. The Bank is required to maintain an investment of 0.2% of total assets, adjusted annually, plus 4.5% of total advances, adjusted for advances and repayments. The credit available under this facility is determined at 20% of the Bank’s total assets, or approximately $69,169,000 at December 31, 2014. Long-term advances totaled $20,000,000 under this credit arrangement at December 31, 2014 (see Note 7). This credit facility is secured by a floating lien on the Bank’s residential mortgage loan portfolio. Average short-term borrowings under this facility approximated $24,658, $1,838,000, and $399,000 for 2014, 2013, and 2012, respectively.
 
 
The Bank also had available unsecured federal funds lines of credit from three financial institutions for $3,000,000, $5,000,000, and $8,000,000. No balances were outstanding on these lines of credit on December 31, 2014