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SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
12 Months Ended
Dec. 31, 2014
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE [Abstract]  
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
7.
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
 
Securities sold under agreements to repurchase totaled $62.1 million and $53.9 million at December 31, 2014 and 2013, respectively.

At December 31, 2014 and 2013, retail repurchase agreements, defined as securities sold under agreements to repurchase from our customers, totaled $49.6 million and $41.4 million, respectively.  These retail repurchase agreements are secured overnight borrowings from customers, which may be drawn on demand.  The agreements bear interest at a rate determined by us.  The average rate of the outstanding agreements was 0.43% at December 31, 2014 and 2013.   The Company had pledged securities with an approximate market value of $60.9 million and $51.8 million as collateral at December 31, 2014 and 2013, respectively.
 
Also included in securities sold under agreements to repurchase is a $12.5 million repurchase agreement the Company entered into with CitiGroup Global Markets, Inc. (“CGMI”) effective August 9, 2007.  Under the terms of the repurchase agreement, interest is payable quarterly based on a floating rate equal to the 3-month LIBOR for the first 12 months of the agreement and a fixed rate of 4.57% for the remainder of the term.  The rate at December 31, 2014 was 4.57%.  The repurchase date is scheduled for August 9, 2017; however, the agreement may be called by CGMI quarterly.  The Company had pledged securities with a market value $15.7 million as collateral at December 31, 2014 and 2013.
 
In 2014, 2013, and 2012, the Company did not have an average balance in any category of short-term borrowings including retail repurchase agreements, reverse repurchase agreements, federal funds purchased, or short-term FHLB advances that exceeded 30% of our stockholders’ equity for such year.