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SECURITIES SOLD UNDER AGREEMENT TO REPURCHASE AND OTHER BORROWINGS
 12 Months Ended
Dec. 31, 2017
Banking And Thrift [Abstract]  
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,

 

 

 

2017

 

 

2016

 

 

 

(Dollars in thousands)

 

 

 

Amount

 

 

Weighted

average rate

 

 

Amount

 

 

Weighted

average rate

 

Securities sold under agreement to repurchase

 

$

197

 

 

 

0.25

%

 

$

—

 

 

 

0.00

%

Other borrowings

 

 

—

 

 

 

0.00

%

 

 

512

 

 

 

4.00

%

Total borrowings

 

$

197

 

 

 

0.25

%

 

$

512

 

 

 

4.00

%

 

 

 

December 31,

 

 

 

2017

 

 

2016

 

 

2015

 

 

 

(Dollars in thousands)

 

Average daily balance during the year

 

$

3,584

 

 

$

523

 

 

$

29,891

 

Average interest rate during the year

 

 

0.59

%

 

 

4.00

%

 

 

4.19

%

Maximum month end balance during the year

 

$

12,643

 

 

$

535

 

 

$

30,556

 

Weighted average interest rate at year end

 

 

0.25

%

 

 

4.00

%

 

 

4.00

%

 

Securities sold under agreements to repurchase are secured primarily by U.S. agency securities with a fair value of $4.9 million at December 31, 2017 and $0 at December 31, 2016.    These securities are held by an independent third party and are for retail customers.  

Other borrowings consist of a match-funding advance related to a commercial participation loan aggregating $0 at December 31, 2017 and $512,000 at December 31, 2016.