Note 13 - Borrowings

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

13.     Borrowings

The following table provides detail with respect to borrowings at the dates and for the periods indicated (dollars in thousands).

	At and for the years ended December 31,
	2013			2012			2011
Retail repurchase agreements
Amount outstanding at year-end	$	18,175		$	15,357		$	23,858
Average amount outstanding during year		18,916			20,485			24,403
Maximum amount outstanding at any month-end		24,640			27,985			24,798
Rate paid at year-end		0.01	%		0.01	%		0.01	%
Weighted average rate paid during the year		0.01			0.01			0.08
FHLB advances
Amount outstanding at year-end	$	35,000		$	-		$	-
Average amount outstanding during year		425			1			2,027
Maximum amount outstanding at any month-end		35,000			-			5,000
Rate paid at year-end		0.17	%		-	%		-	%
Weighted average rate paid during the year		0.24			-			3.55
Other borrowings
Amount outstanding at year-end	$	-		$	-		$	-
Average amount outstanding during year		159			30			11
Maximum amount outstanding at any month-end		-			-			-
Rate paid at year-end		-	%		-	%		-	%
Weighted average rate paid during the year		-			-			-

Retail Repurchase Agreements

Retail repurchase agreements represent overnight secured borrowing arrangements between the Bank and certain clients. Retail repurchase agreements are securities transactions, not insured deposits.

FHLB Advances

As disclosed in Note 4, Investment Securities Available for Sale, and Note 5, Loans, the Bank pledges investment securities and loans to collateralize FHLB advances. Additionally, the Bank may pledge cash and cash equivalents. The amount that can be borrowed is based on the balance of the type of asset pledged as collateral multiplied by lendable collateral value percentages as calculated by the FHLB. In September 2013, the Bank’s borrowing capacity with the FHLB was increased to 25% of total assets from its previous capacity of 15% of total assets.

The following table summarizes the utilization and availability of funds borrowed from the FHLB at the dates indicated (in thousands).

	December 31,
	2013		2012
Available lendable loan collateral value pledged to serve against FHLB advances	$	90,225	$	79,922
Available lendable investment security collateral value pledged to serve against FHLB advances		-		-
Total lendable collateral value pledged to serve against FHLB advances		90,225		79,922
FHLB advances		35,000		-
Excess lendable collateral value pledged to serve against FHLB advances	$	55,225	$	79,922

At December 31, 2013, the Bank’s FHLB advances were scheduled to mature in January 2014 and had a weighted-average interest rate of 0.17%. In January 2014, the matured advances were replaced with FHLB advances maturing between February 2014 and July 2014 with a weighted-average interest rate of 0.23%.

Federal Reserve Discount Window

At December 31, 2013 and 2012, $2.2 million and $4.1 million of loans and investment securities were pledged as collateral to cover the various Federal Reserve services that are available for use by the Bank, respectively. Of these amounts, $2.1 million and $3.9 million were available as lendable collateral, respectively. The Bank’s borrowings from the Federal Reserve Discount Window (“Discount Window”) are at the primary credit rate. Primary credit is available through the Discount Window to generally sound depository institutions on a very short-term basis, typically overnight, at a rate above the Federal Open Market Committee target rate for federal funds. The Bank’s maximum maturity for potential borrowings is overnight. The Bank has not drawn on this availability since its initial establishment in 2009 other than to periodically test its ability to access the line. The Federal Reserve has the discretion to deny approval of borrowing requests.

Other Borrowings

Other borrowings generally consist of outstanding borrowings on correspondent bank lines of credit. At December 31, 2012, the Bank had access to three secured and one unsecured lines of credit from three correspondent banks totaling $50 million. During 2013, the Bank obtained an additional unsecured line of credit of $10 million resulting in total lines of credit of $60 million at December 31, 2013. None of the lines of credit were utilized as of either date. These correspondent bank funding sources may be canceled at any time at the correspondent bank’s discretion.