SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

9 Months Ended

Sep. 30, 2014

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

9.  SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

At September 30, 2014, September 30, 2013 and December 31, 2013, securities sold under agreements to repurchase totaled $11.8 million, $11.3 million, and $11.4 million, respectively, and were secured by U.S. GSE, residential mortgage-backed securities and residential collateralized mortgage obligations with a carrying amount of $14.4 million, $16.4 million and $17.5 million, respectively.

Securities sold under agreements to repurchase are financing arrangements with $1.8 million maturing during the fourth 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:

	For the nine months ended						For the year ended
(Dollars in thousands)	September 30, 2014			September 30, 2013			December 31, 2013
Average daily balance	$	11,581		$	11,975		$	11,770
Average interest rate	3.21		%	3.12		%	3.17		%
Maximum month-end balance	$	12,045		$	12,903		$	12,903
Weighted average interest rate	3.18		%	3.07		%	3.13		%