SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

The Company classifies the sales of securities under agreements to repurchase as short-term borrowings. The amounts received under these agreements are reflected as a liability in the Company’s consolidated balance sheets and the securities underlying these agreements are included in investment securities in the Company’s consolidated balance sheets. At December 31, 2018 and 2017, all securities sold under agreements to repurchase mature on a daily basis. The market value of the securities fluctuate on a daily basis due to market conditions. The Company monitors the market value of the securities underlying these agreements on a daily basis and is required to transfer additional securities if the market value of the securities fall below the repurchase agreement price. The Company maintains an unpledged securities portfolio that it believes is sufficient to protect against a decline in the market value of the securities sold under agreements to repurchase.

The following is a summary of securities sold under repurchase agreements for the years ended December 31, 2018, 2017 and 2016:



	For the Years Ended December 31,
(dollars in thousands)	2018			2017			2016
Average daily balance during the year	$	15,692		$	28,694		$	44,324
Average interest rate during the year	0.15		%	0.20		%	0.22		%
Maximum month-end balance during the year	$	23,270		$	49,836		$	56,203
Weighted average interest rate at year-end	0.14		%	0.18		%	0.19		%

The following is a summary of the Company’s securities sold under agreements to repurchase at December 31, 2018 and 2017:



(dollars in thousands)	December 31, 2018		December 31, 2017
Securities sold under agreements to repurchase	$	20,384	$	30,638

At December 31, 2018, the investment securities underlying these agreements were comprised of mortgage-backed securities. At December 31, 2017, the investment securities underlying these agreements were comprised of state, county and municipal securities and mortgage-backed securities.