OTHER BORROWED FUNDS

9 Months Ended

Sep. 30, 2013

NOTE 8 – OTHER BORROWED FUNDS

The Bank utilizes securities sold under agreements to repurchase to accommodate its customers’ needs to invest funds short term and as a source of borrowings.

The following table presents certain information regarding our repurchase agreements during the year to date periods or at the dates indicated.

	At or for the year to date period ended
(Dollars in thousands)	September 30, 2013			December 31, 2012
Maximum amount of advances outstanding during the period	$	21,256		$	19,283
Average advances outstanding during the period	$	13,044		$	11,608
Weighted average interest rate during the period		0.39	%		0.47	%
Balance outstanding at end of period	$	5,025		$	6,394
Weighted average interest rate at end of period		0.22	%		0.45	%

- 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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