Note 12 - Borrowings

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

12. 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,
	2014			2013			2012
Retail repurchase agreements
Amount outstanding at year-end	$	15,921		$	18,175		$	15,357
Average amount outstanding during year		20,054			18,916			20,485
Maximum amount outstanding at any month-end		31,418			24,640			27,985
Rate paid at year-end		0.01	%		0.01	%		0.01	%
Weighted average rate paid during the year		0.01			0.01			0.01
FHLB advances
Amount outstanding at year-end	$	35,000		$	35,000		$	-
Average amount outstanding during year		12,205			425			1
Maximum amount outstanding at any month-end		40,000			35,000			-
Rate paid at year-end		0.24	%		0.17	%		-	%
Weighted average rate paid during the year		0.22			0.24			-
Other borrowings
Amount outstanding at year-end	$	-		$	-		$	-
Average amount outstanding during year		16			159			30
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 not insured deposits and were secured by $36.6 million of the Company’s investment securities available for sale at December 31, 2014.

FHLB Advances

As disclosed in Note 4, Investment Securities Available for Sale, and Note 5, Loans, the Bank may pledge 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. The FHLB allows the Bank to borrow up to 25% of total assets, subject to available collateral.

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

	December 31,
	2014		2013
Available lendable loan collateral value pledged to serve against FHLB advances	$	79,139	$	90,225
FHLB advances outstanding		35,000		35,000
Excess lendable collateral value pledged to serve against FHLB advances	$	44,139	$	55,225

All FHLB advances at December 31, 2014 matured during January 2015 and were replaced with new advances maturing between April and July 2015 with a weighted-average rate of 0.26%.

Federal Reserve Discount Window

At December 31, 2014 and 2013, $39.5 million and $2.2 million, respectively, of loans and investment securities were pledged as collateral to cover the various Federal Reserve services that are available for use by the Bank. Of these amounts, $29.1 million and $2.1 million were available as lendable collateral at December 31, 2014 and 2013, respectively. The Bank’s borrowings from the Federal Reserve Discount Window (the “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.

Correspondent Bank Lines of Credit. The following table summarizes the Bank’s correspondent bank lines of credit at the dates indicated (dollars in thousands).

	December 31, 2014						December 31, 2013
	Secured		Unsecured		Total		Secured		Unsecured		Total
Amount available	$	15,000	$	65,000	$	80,000	$	35,000	$	25,000	$	60,000
Count		2		6		8		3		2		5

The changes in the composition of our correspondent bank lines of credit during 2014 were the result of the additional of two unsecured lines totaling $20 million as well as the a previously secured correspondence line of credit being converted into one secured and one unsecured line of credit..

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.