Securities Sold Under Agreements To Repurchase And Long-Term Debt

12 Months Ended

Dec. 31, 2014

Securities Sold Under Agreements To Repurchase And Long-Term Debt [Abstract]

Securities Sold Under Agreements To Repurchase And Long-Term Debt

Note 10. Securities Sold Under Agreements to Repurchase and Long-Term Debt

The Bank's short-term borrowings are comprised of securities sold under agreements to repurchase (Repo) and a line-of-credit with the Federal Home Loan Bank of Pittsburgh (Open Repo Plus).  Securities sold under agreements to repurchase are overnight borrowings between the Bank and its commercial and municipal depositors. These accounts reprice weekly.  Open Repo Plus is a revolving term commitment used on an overnight basis.  The term of this commitment may not exceed 364 days and it reprices daily at market rates.  These borrowings are described below:

	December 31
	2014		2013
	Repurchase		Repurchase
(Dollars in thousands)	Agreements		Agreements
Ending balance	$	9,079	$	23,834
Weighted average rate at year end		0.15%		0.15%
Range of interest rates paid at year end		0.15%		0.15%
Maximum month-end balance during the year	$	17,755	$	52,880
Average balance during the year	$	8,539	$	32,407
Weighted average interest rate during the year		0.15%		0.15%

The collateral for securities sold under agreements to repurchase consists of U.S. Government and U.S. Government agency securities with a fair value of $14 million and $32 million, respectively, at December 31, 2014 and 2013.

A summary of long-term debt at the end of the reporting period follows:

	December 31
(Dollars in thousands)	2014		2013
Loans from the Federal Home Loan Bank	$	-	$	12,403

The Corporation’s maximum borrowing capacity with the FHLB at December 31, 2014 was $231 million.  The total amount available to borrow at year-end was approximately $231 million.

The Bank closed its Repo product on January 2, 2015 and the remaining balances were transferred to interest-bearing checking accounts.