SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

12 Months Ended

Dec. 31, 2014

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

6. SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

At December 31, 2014 and 2013, securities sold under agreements to repurchase totaled $36.3 million and $11.4 million, respectively, and were secured by U.S. GSE, residential mortgage-backed securities and residential collateralized mortgage obligations with carrying amounts of $40.3 million and $17.5 million, respectively.

Securities sold under agreements to repurchase are financing arrangements with $11.3 million maturing during the first quarter of 2015 and $25.0 million maturing during the fourth 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:

	2014			2013
(Dollars in thousands)
Average daily balance during the year	$	14,185		$	11,770
Average interest rate during the year	2.71		%	3.17		%
Maximum month-end balance during the year	$	36,879		$	12,903
Weighted average interest rate at year-end	2.67		%	3.13		%