Annual report pursuant to Section 13 and 15(d)

SHORT-TERM BORROWINGS

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SHORT-TERM BORROWINGS
12 Months Ended
Dec. 31, 2013
Debt Disclosure [Abstract]  
SHORT-TERM BORROWINGS

Note 7

SHORT-TERM BORROWINGS

 

Short-term borrowings included the following:

 

(Dollars in Thousands)   Federal
Funds
Purchased
  Securities
Sold Under
Repurchase
Agreements
(1)
  Other
Short-Term
Borrowings
2013                        
Balance at December 31   $ —       $ 47,312     $ 4,009 (2)
Maximum indebtedness at any month end     —         55,261       8,929  
Daily average indebtedness outstanding     11       48,337       5,573  
Average rate paid for the year     0.76 %     0.05 %     3.79 %
Average rate paid on period-end borrowings     —   %     0.05 %     3.25 %
                         
2012                        
Balance at December 31   $ —       $ 40,639     $ 6,796 (2)
Maximum indebtedness at any month end     —         62,458       6,991  
Daily average indebtedness outstanding     —         47,485       4,679  
Average rate paid for the year     —   %     0.05 %     3.68 %
Average rate paid on period-end borrowings     —   %     0.05 %     3.69 %
                         
2011                        
Balance at December 31   $ —       $ 43,372     $ —    
Maximum indebtedness at any month end     7,575       75,525       11,222  
Daily average indebtedness outstanding     1,213       58,973       7,875  
Average rate paid for the year     0.03 %     0.09 %     3.17 %
Average rate paid on period-end borrowings     —   %     0.05 %     —   %

 

(1) Balances are fully collateralized by government treasury or agency securities held in the Company’s investment portfolio.
(2) Comprised of FHLB debt.