Note 7 - Borrowings

A. Short-term borrowings

The Corporation’s short-term borrowings (original maturity of one year or less), which consist of a revolving line of credit with a correspondent bank, funds obtained from overnight repurchase agreements with commercial customers, FHLB advances with original maturities of one year or less and overnight fed funds, are detailed below.

A summary of short-term borrowings is as follows:


(dollars in thousands)	September 30, 2013		December 31, 2012
Overnight fed funds	$	25,000	$	—
Short-term FHLB advances		38,000		—
Repurchase agreements		12,588		9,403

Total short-term borrowings	$	75,588	$	9,403

The following table sets forth information concerning short-term borrowings:


(dollars in thousands)	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Balance at period-end	$	75,588		$	19,029		$	75,588		$	19,029
Maximum amount outstanding at any month-end		75,588			19,029			75,588			19,029
Average balance outstanding during the period		14,995			13,695			13,455			13,621
Weighted-average interest rate:
As of period-end		0.33	%		0.44	%		0.34	%		0.44	%
Paid during the period		0.15	%		0.16	%		0.12	%		0.17	%

B. Long-term FHLB Advances and Other Borrowings

The Corporation’s long-term FHLB advances and other borrowings consist of advances from the FHLB with original maturities of greater than one year and an adjustable-rate commercial loan from a correspondent bank.

The following table presents the remaining periods until maturity of the long-term FHLB advances and other borrowings:


(dollars in thousands)	September 30, 2013		December 31, 2012
Within one year	$	3,903	$	35,458
Over one year through five years		172,742		104,244
Over five years through ten years		15,000		21,613

Total	$	191,645	$	161,315

The following table presents rate and maturity information on long-term FHLB advances and other borrowings:


(dollars in thousands)	Maturity Range⁽¹⁾				Weighted Average Rate			Interest Rate						Balance
Description	From		To		Weighted Average Rate			From			To			September 30, 2013		December 31, 2012
Fixed amortizing		04/08/15		04/08/15		3.61	%		3.61	%		3.61	%	$	2,485	$	4,285
Adjustable amortizing		12/31/16		12/31/16		3.25	%		3.25	%		3.25	%		7,637		9,400
Bullet maturity - fixed rate		03/23/15		12/19/19		1.40	%		0.58	%		2.44	%		135,000		90,000
Bullet maturity - variable rate		06/25/15		11/18/17		0.46	%		0.46	%		0.46	%		25,000		15,000
Convertible-fixed⁽²⁾		01/03/18		08/20/18		2.47	%		2.21	%		2.62	%		21,523		42,630

Total														$	191,645	$	161,315

⁽¹⁾

Maturity range refers to September 30, 2013 balances

⁽²⁾

FHLB advances whereby the FHLB has the option, at predetermined times, to convert the fixed interest rate to an adjustable interest rate indexed to the London Interbank Offered Rate (“LIBOR”). The Corporation has the option to prepay these advances, without penalty, if the FHLB elects to convert the interest rate to an adjustable rate. As of September 30, 2013, substantially all the FHLB advances with this convertible feature are subject to conversion in fiscal 2013. These advances are included in the maturity ranges in which they mature, rather than the period in which they are subject to conversion.

C. Other Borrowings Information

As of September 30, 2013 the Corporation had a maximum borrowing capacity with the FHLB of approximately $826.4 million, of which the unused capacity was $589.9 million. In addition, there were unused capacities of $39.0 million in overnight federal funds line, $88.5 million of Federal Reserve Discount Window borrowings and $3.0 million in a revolving line of credit from a correspondent bank as of September 30, 2013. In connection with its FHLB borrowings, the Corporation is required to hold the capital stock of the FHLB. The amount of FHLB capital stock held was $12.6 million at September 30, 2013, and $10.8 million at December 31, 2012. The carrying amount of the FHLB capital stock approximates its redemption value.