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FEDERAL FUNDS PURCHASED
 12 Months Ended
Dec. 31, 2013
FEDERAL FUNDS PURCHASED  
FEDERAL FUNDS PURCHASED

 

 

NOTE 14—FEDERAL FUNDS PURCHASED

 

Federal funds purchased generally mature within one business day to six months from the transaction date. Federal funds purchased are included in other borrowings.

 

The following table provides information on Federal funds purchased for the periods indicated:

 

 

 

As of and for the Year Ended December 31,

 

 

 

2013

 

2012

 

2011

 

 

 

(Dollars in thousands)

 

Balance at end of year

 

$

—

 

$

—

 

$

—

 

Average balance outstanding during the year

 

$

155

 

$

2,227

 

$

3,496

 

Maximum balance outstanding at any month-end

 

$

—

 

$

60,000

 

$

100,000

 

Weighted average interest rate during the year

 

—%

 

0.09%

 

0.10%

 

Weighted average interest rate at end of year

 

—%

 

—%

 

—%

 

 

As a means of augmenting its liquidity, the Company has established Federal funds lines with several correspondent banks. The Company’s available borrowing capacity from Federal funds line facilities amounted to $656.0 million and $588.0 million as of December 31, 2013 and 2012, respectively.