SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

12 Months Ended

Dec. 31, 2013

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

6. SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

At December 31, 2013 and 2012, securities sold under agreements to repurchase totaled $11.4 million and $12.4 million, respectively, and were secured by U.S. GSE, residential mortgage-backed securities and residential collateralized mortgage obligations carrying amounts of $17.5 million and $17.1 million and $23.3 million, respectively.

Securities sold under agreements to repurchase are financing arrangements with $1.4 million maturing during the first quarter of 2014 and $10.0 million maturing during the first quarter of 2015. At maturity, the securities underlying the agreements are returned to the Company. Information concerning the securities sold under agreements to repurchase is summarized as follows:

	2013			2012			2011
(Dollars in thousands)
Average daily balance during the year	$	11,770		$	13,016		$	16,715
Average interest rate during the year	3.17		%	3.01		%	3.23		%
Maximum month-end balance during the year	$	12,903		$	16,722		$	17,469
Weighted average interest rate at year-end	3.13		%	2.99		%	3.18		%