SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

Repurchase agreements are secured borrowings. The Corporation pledges investment securities to secure these borrowings. A summary of securities sold under agreements to repurchase as of and for the years ended December 31, 2015, 2014 and 2013 is as follows (in thousands):



	2015			2014			2013
Balance at December 31	$	28,453		$	29,652		$	32,701
Maximum month-end balance	$	32,145		$	31,914		$	32,701
Average balance during year	$	30,236		$	30,667		$	31,102
Weighted-average interest rate at December 31	2.93		%	2.82		%	2.93		%
Average interest rate paid during year	2.80		%	2.77		%	2.76		%

The contractual maturity of securities sold under agreements to repurchase by collateral pledged as of December 31, 2015 and 2014 is as follows (in thousands):



	December 31, 2015
	Overnight and Continuous		Up to 1 Year		1 - 3 Years		3+ Years		Total
Obligations of U.S. Government and U.S. Government sponsored enterprises	$	12,163	$	1,781	$	9,323	$	—	$	23,267
Mortgage-backed securities, residential	8,280		9,174		3,135		—		20,589
Total	$	20,443	$	10,955	$	12,458	$	—	43,856
Excess collateral held									(15,403		)
Gross amount of recognized liabilities for repurchase agreements									$	28,453



	December 31, 2014
	Overnight and Continuous		Up to 1 Year		1 - 3 Years		3+ Years		Total
Obligations of U.S. Government and U.S. Government sponsored enterprises	$	21,056	$	—	$	6,990	$	8,595	$	36,641
Mortgage-backed securities, residential	669		—		3,507		4,174		8,350
Collateralized mortgage obligations	—		—		48		—		48
Total	$	21,725	$	—	$	10,545	$	12,769	45,039
Excess collateral held									(15,387		)
Gross amount of recognized liabilities for repurchase agreements									$	29,652

The Corporation enters into sales of securities under agreements to repurchase and the amounts received under these agreements represent borrowings and are reflected as a liability in the consolidated balance sheets. The securities underlying these agreements are included in investment securities in the consolidated balance sheets. See Note 3 for additional information regarding securities pledged as collateral for securities sold under the repurchase agreements.

The Corporation has no control over the market value of the securities which fluctuate due to market conditions, however, the Corporation is obligated to promptly transfer additional securities if the market value of the securities falls below the repurchase agreement price. The Corporation manages this risk by utilizing highly marketable and easily priced securities, monitoring these securities for significant changes in market valuation routinely, and maintaining an unpledged securities portfolio believed to be sufficient to cover a decline in the market value of the securities sold under agreements to repurchase.