Repurchase Agreement Borrowings

9 Months Ended

Sep. 30, 2015

Securities sold under agreements to repurchase ("repurchase agreements") with customers represent funds deposited by customers, generally on an overnight basis, that are collateralized by investment securities owned by the Company. Repurchase agreements with customers are included in short-term borrowings on the consolidated condensed balance sheets.

All repurchase agreements are subject to terms and conditions of repurchase/security agreements between the Company and the client and are accounted for as secured borrowings. Our repurchase agreements reflected in short-term borrowings consist of customer accounts and securities which are pledged on an individual security basis.

At September 30, 2015 and December 31, 2014, our repurchase agreement borrowings totaled $16.8 million and $9.1 million respectively, and are classified as short-term debt on the consolidated condensed balance sheets. These borrowings were collateralized with residential mortgage backed securities with a market value of $17.7 million and $16.5 million at September 30, 2015 and December 31, 2014, respectively. Declines in the value of the collateral would require us to pledge additional securities. As of September 30, 2015 and December 31, 2014 the Company had $208.5 million and $180.6 million, respectively, of available unpledged securities.

The following table presents the carrying value of repurchase agreements by remaining contractual maturity at September 30, 2015 and December 31, 2014:



September 30, 2015
(dollars in thousands)	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		1 - 90 days		Over 90 days		Total
Residential mortgage-backed securities-GSE	$	16,753	$	—	$	—	$	16,753

December 31, 2014
(dollars in thousands)	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		1 - 90 days		Over 90 days		Total
Residential mortgage-backed securities-GSE	$	9,076	$	—	$	—	$	9,076