SIERRA BANCORP AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
93
9.
OTHER BORROWING ARRANGEMENTS
At year end, short-term borrowings consisted of the following (dollars in thousands):
Average
balance
outstanding
Amount
Weighted
average
interest rate
Average
balance
outstanding
Amount
Weighted
average
interest rate
As of December 31:
Repurchase agreements
$ 5,936 $ 7,251
.35% $ 2,876 $ 5,974
.45%
Overnight Federal Home Loan
Bank advances
3,502 18,200
.11% 3,497 -
.17%
9,438
$
25,451
$
6,373
$
5,974
$
2014
2013
At year end, long-term borrowings consisted of the following (dollars in thousands):
Amount
Fixed rate
Weighted
average
interest rate
Amount
Fixed rate
Weighted
average
interest rate
As of December 31:
Federal Home Loan Bank advances, maturing 2015 $ 4,000
0.29%
$ - -
Federal Home Loan Bank advances, maturing 2016 2,000
0.54%
- -
$ 6,000
0.37% $ -
-
2014
2013
Each advance is payable at its maturity date, with a prepayment penalty for fixed rate advances. The
advances were collateralized by $380,494,000 of first mortgage loans under a blanket lien arrangement at
year end 2014. Based on this collateral and the Company’s holdings of FHLB stock, the Company was
eligible to borrow up to the total of $244,424,000 at year-end 2014, with a remaining borrowing capacity
of $167,076,000 if sufficient additional collateral was pledged.
The Company had unsecured lines of credit with its correspondent banks which, in the aggregate,
amounted to $70,000,000 at December 31, 2014 and 2013, respectively, at interest rates which vary with
market conditions. There was $0 outstanding under these lines of credit at December 31, 2014 and
December 31, 2013, respectively.
