Securities Sold under Agreements to Repurchase

3 Months Ended

Mar. 31, 2016

Securities Sold under Agreements to Repurchase [Abstract]

Securities Sold under Agreements to Repurchase

Note 12 – Securities Sold under Agreements to Repurchase

Repurchase agreements are secured borrowings. The Company pledges investment securities to secure those borrowings. Information concerning repurchase agreements is summarized as follows for the periods presented:

	March 31,		December 31,		March 31,
(dollars in thousands)	2016		2015		2015
Average daily balance during the year-to-date	$	15,000	$	22,890	$	31,000
Average interest rate during the year-to-date		5.95%		5.92%		5.90%
Maximum month-end balance during the year-to-date	$	15,000	$	31,000	$	31,000%
Weighted average interest rate during the year-to-date		5.95%		5.92%		5.90%

The table below shows the remaining contractual maturity of agreement by fair value of collateral pledged:

	March 31, 2016
	Remaining Contractual Maturity of the Agreements
	Overnight and		Up to 30				Greater Than
(dollars in thousands)	Continuous		Days		30-90 Days		90 Days		Total
Repurchase agreements and
Repurchase-to-maturity transactions
U.S. Treasury and agency securities	$	-	$	-	$	-	$	5,069	$	5,069
Residential mortgage pass-through securities		-		-		-		14,849		14,849
Total Borrowings	$	-	$	-	$	-	$	19,918	$	19,918
Amounts related to agreements not included in offsetting disclosure in Note 14									$	4,918

	December 31, 2015
	Remaining Contractual Maturity of the Agreements
	Overnight and		Up to 30				Greater Than
(dollars in thousands)	Continuous		Days		30-90 Days		90 Days		Total
Repurchase agreements and
Repurchase-to-maturity transactions
U.S. Treasury and agency securities	$	-	$	-	$	-	$	6,313	$	6,313
Residential mortgage pass-through securities		-		-		-		12,589		12,589
Total Borrowings	$	-	$	-	$	-	$	18,902	$	18,902
Amounts related to agreements not included in offsetting disclosure in Note 14									$	3,902

The fair value of securities pledged to secure repurchase agreement may decline. The Company manages this risk by having a policy to pledge securities valued at 8% above the gross outstanding balance of repurchase agreement. Securities sold under agreements to repurchase are secured by securities with a carrying amount of $19.1 million and $18.8 million at March 31, 2016 and December 31, 2015.