Securities Sold under Agreements to Repurchase

9 Months Ended

Sep. 30, 2017

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 securities to secure those borrowings. Information concerning repurchase agreements is summarized as follows for the periods presented:

	September 30,			December 31,			September 30,
	2017			2016			2016
	(dollars in thousands)
Average daily balance during the year-to-date	$	9,065		$	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	%

As of September 30, 2017, there were no repurchase agreements outstanding. The previous outstanding repurchase agreement of $15.0 million was repaid on June 15, 2017.

	December 31, 2016
	Remaining Contractual Maturity of the Agreements
	Overnight and		Up to 30				Greater Than
	Continuous		Days		31-90 Days		90 Days		Total
	(dollars in thousands)
Repurchase agreements & repurchase-to-maturity transaction
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 $-0- and $16.8 million at September 30, 2017 and December 31, 2016, respectively.