Note 11 - Borrowings

12 Months Ended

Dec. 31, 2013

Disclosure Text Block [Abstract]

Short-term Debt [Text Block]

NOTE 11 – BORROWINGS

On May 17, 2013 we established a two year $10 million revolving line of credit agreement at a variable rate of prime rate plus 0.125% on the outstanding balance of the line. We borrowed $8 million on the line in June to facilitate the redemption of our preferred stock. At December 31, 2013, the line of credit had $0 outstanding. The line of credit is subject to standard industry covenants and required pledging of the stock in our two banking subsidiaries as collateral for the loan and requires quarterly interest payments. The line of credit will expire on May 17, 2015.

Information relating to securities sold under agreements to repurchase is as follows:

(In Thousands of Dollars)
	2013			2012
At December 31:
Outstanding Balance	$	47,635		$	42,785
Average Interest Rate		0.19	%		0.19	%
Daily Average for the Year:
Outstanding Balance	$	46,050		$	47,605
Average Interest Rate		0.18	%		0.18	%
Maximum Outstanding at any Month End	$	50,830		$	55,047

Securities sold under agreements to repurchase (repurchase agreements) generally have original maturities of less than one year. Repurchase agreements are treated as financings and the obligations to repurchase securities sold are reflected as liabilities. Securities involved with the agreements are recorded as assets of the Company and are primarily held in safekeeping by correspondent banks. Repurchase agreements are offered principally to certain large deposit customers as deposit equivalent investments.

We had no unsecured overnight borrowings, in the form of federal funds purchased at December 31, 2013. There were no overnight borrowings at December 31, 2013.