Short-Term and Long-Term Borrowings

12 Months Ended

Dec. 31, 2013

Short-Term and Long-Term Borrowings [Abstract]

(15)	Short-Term and Long-Term Borrowings

The Company had no secured borrowings from the U.S. Treasury and no Federal Funds purchased at December 31, 2013 and December 31, 2012.

Additional short-term borrowings available to the Company consist of a line of credit and advances with the Federal Home Loan Bank (“FHLB”) secured under terms of a blanket collateral agreement by a pledge of FHLB stock and certain other qualifying collateral such as commercial and mortgage loans. At December 31, 2013, the Company had a current collateral borrowing capacity with the FHLB of $165,334. The Company also has unsecured formal lines of credit totaling $37,000 with correspondent banks.

The Company had no long-term borrowings at December 31, 2013 and 2012. Average outstanding balances of long-term borrowings consisting of FHLB advances were $0 and $3,443, respectively, during 2013 and 2012. The weighted average interest rate paid was 0% in 2013 and 4.10% in 2012.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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