SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

3 Months Ended

Mar. 31, 2015

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

9.  SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

At March 31, 2015, March 31, 2014 and December 31, 2014, securities sold under agreements to repurchase totaled $26.2 million, $11.6 million, and $36.3 million, respectively, and were secured by U.S. GSE, residential mortgage-backed securities and residential collateralized mortgage obligations with a carrying amount of $29.2 million, $16.6 million and $40.3 million, respectively.

Securities sold under agreements to repurchase are financing arrangements with $1.2 million maturing during the second 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:

	Three Months Ended						Year Ended
(Dollars in thousands)	March 31, 2015			March 31, 2014			December 31, 2014
Average daily balance	$	32,122		$	11,704		$	14,185
Average interest rate	1.01		%	3.19		%	2.71		%
Maximum month-end balance	$	36,230		$	12,045		$	36,879
Weighted average interest rate	1.01		%	3.14		%	2.67		%