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SIERRA BANCORP AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
95
9.
OTHER BORROWING ARRANGEMENTS
At year end, short-term borrowings consisted of the following (dollars in thousands):
Average
balance
outstanding
Amount
Average
interest rate
during the year
Maximum
month-end
balance during
the year
Weighted
average
interest rate
Average
balance
outstanding
Amount
Average
interest rate
during the year
Maximum
month-end
balance during
the year
Weighted
average
interest rate
As of December 31:
Repurchase agreements
$ 8,601 $ 9,405
.41% $ 11,272
.40% $ 5,936 $ 7,251
.35% $ 7,739
.40%
Overnight Federal Home Loan
Bank advances
14,697 75,300
.21% 98,800
.27% 3,502 18,200
.11% 25,180
.25%
23,298
$
84,705
$
110,072
$
9,438
$
25,451
$
32,919
$
2015
2014
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%
2,000
0.54%
$ 2,000
0.54% $ 6,000
0.37%
2015
2014
Each advance is payable at its maturity date, with a prepayment penalty for fixed rate advances. The
advances were collateralized by $431,050,000 of first mortgage loans under a blanket lien arrangement at
year end 2015. Based on this collateral and the Company’s holdings of FHLB stock, the Company was
eligible to borrow up to the total of $289,369,000 at year-end 2015, with a remaining borrowing capacity of
$160,739,000 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, 2015 and 2014, respectively, at interest rates which vary with market
conditions. There was $0 outstanding under these lines of credit at December 31, 2015 and December 31,
2014, respectively.