SECURITIES SOLD UNDER AGREEMENT TO REPURCHASE AND OTHER BORROWINGS

12 Months Ended

Dec. 31, 2014

SECURITIES SOLD UNDER AGREEMENT TO REPURCHASE AND OTHER BORROWINGS

12.	SECURITIES SOLD UNDER AGREEMENT TO REPURCHASE AND OTHER BORROWINGS

The following is a summary of securities sold under an agreement to repurchase and other borrowings:

	December 31,
	2014				2013
	(Dollars in thousands)
		Amount	Weighted average rate			Amount	Weighted average rate
Securities sold under agreement to repurchase-term	$	30,000	4.14	%	$	90,000	4.01	%
Other borrowings		558	4.00	%		578	4.00	%
Total repurchase agreements and other	$	30,558	4.14	%	$	90,578	4.01	%

	December 31,
	2014			2013			2012
		(Dollars in thousands)
Average daily balance during the year	$	82,102		$	90,588		$	90,608
Average interest rate during the year		4.10	%		4.01	%		4.01	%
Maximum month end balance during the year	$	90,577		$	90,597		$	90,616
Weighted average interest rate at year end		4.14	%		4.01	%		4.01	%

The repurchase agreements as of December 31, 2014 are in one tranche of $30.0 million which matures on February 20, 2017. During the third and fourth quarters of 2014, Home Savings prepaid $60.0 million in repurchase agreements and incurred penalties of $3.4 million. Repurchase agreements are subject to prepayment penalties.

Securities sold under agreements to repurchase are secured primarily by mortgage-backed securities with a fair value of approximately $54.7 million at December 31, 2014 and $121.2 million at December 31, 2013. Securities sold under agreements to repurchase are typically held by a brokerage firm in a wholesale transaction and by an independent third party when they are for retail customers. At maturity, the securities underlying the agreements are returned to Home Savings. Other borrowings consist of a match-funding advance related to a commercial participation loan aggregating $558,000 at December 31, 2014. At December 31, 2013, other borrowings consisted of the aforementioned match-funding advance of $578,000.