Note 12 – Securities Sold
under Agreements to Repurchase
Repurchase agreements are
secured borrowings. The Company pledges 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) |
|
2017 |
|
2016 |
|
2016 |
| Average daily balance during the year-to-date |
|
$ |
15,000 |
|
|
$ |
15,000 |
|
|
$ |
15,000 |
|
| Average interest rate during the year-to-date |
|
|
5.95 |
% |
|
|
5.95 |
% |
|
|
5.95 |
% |
| Maximum month end balance during the
year-to-date |
|
$ |
15,000 |
|
|
$ |
15,000 |
|
|
$ |
15,000 |
|
| Weighted average interest rate during the
year-to-date |
|
|
5.95 |
% |
|
|
5.95 |
% |
|
|
5.95 |
% |
The table below shows the
remaining contractual maturity of agreement by fair value of collateral pledged:
|
|
March 31, 2017 |
|
|
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 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
Residential mortgage pass-through securities |
|
|
- |
|
|
- |
|
|
18,143 |
|
|
- |
|
|
18,143 |
| Total borrowings |
|
$ |
- |
|
$ |
- |
|
$ |
18,143 |
|
$ |
- |
|
$ |
18,143 |
| |
| Amounts related to agreements not included
in offsetting disclosure in Note 14: |
|
$ |
3,143 |
| |
|
|
December 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 |
|
$ |
- |
|
$ |
- |
|
$
|
- |
|
$
|
- |
|
$
|
- |
|
Residential mortgage pass-through securities |
|
|
- |
|
|
- |
|
|
- |
|
|
16,826 |
|
|
16,826 |
| Total borrowings |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
16,826 |
|
$ |
16,826 |
| |
| Amounts related to agreements not included
in offsetting disclosure in Note 14: |
|
$ |
1,826 |
The fair value of securities
pledged to secure repurchase agreements may decline. By contractual agreement,
the fair value of securities pledged to secure repurchase agreements must meet
or exceed the gross outstanding balance by 8%, or be subject to margin calls.
Securities sold under agreements to repurchase are secured by securities with a
carrying amount of $18.1 million and $16.8 million at March 31, 2017 and
December 31, 2016.
|