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Other borrowings
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12 Months Ended |
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Dec. 31, 2014
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| Debt Disclosure [Abstract] | |
| Other borrowings | Other borrowings The Bank is a member of the FHLB. As a member, the Bank has a committed borrowing line of credit up to 20% of total assets, subject to the Bank pledging sufficient collateral and maintaining the required investment in FHLB stock. At December 31, 2014 and 2013, the Bank had outstanding borrowings under the committed lines of credit totaling $0 and $27.0 million. In June 2013, the Bank elected to prepay $60.0 million in FHLB advances bearing a weighted average interest rate of 3.17% to save in interest expense going forward. As a result of such early prepayments, the Company incurred prepayment penalties of $3.8 million. All outstanding borrowings and letters of credit with the FHLB are collateralized by a blanket pledge agreement on the Bank’s FHLB stock, any funds on deposit with the FHLB, certain investment securities, and certain loans. At December 31, 2014, the Bank had available borrowings with the FHLB of approximately $466.8 million, based on eligible collateral. There can be no assurance that future advances will be allowed by the FHLB. The $27.0 million of FHLB advances, bearing a weighted average interest rate of 0.25% at December 31, 2013 matured in January 2014. At December 31, 2014, the Bank had no borrowings outstanding with the FRB and had approximately $14.0 million in available short-term borrowings at FRB, collateralized by certain of the Bank’s loans and securities. As an additional source of liquidity, the Bank has federal fund borrowing agreements with correspondent banks aggregating approximately $90.0 million at December 31, 2014. At December 31, 2014, the Company had no outstanding borrowings under these federal fund borrowing agreements. |