SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

3 Months Ended

Mar. 31, 2016

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

9. SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

At March 31, 2016 and December 31, 2015, securities sold under agreements to repurchase totaled $51.0 million and $50.9 million, respectively, and were secured by U.S. GSE, residential mortgage-backed securities and residential collateralized mortgage obligations with a carrying amount of $55.9 million and $55.9 million, respectively.

Securities sold under agreements to repurchase are financing arrangements with $1.0 million maturing during the second quarter of 2016 and $50.0 million maturing during the fourth quarter of 2016. 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 three months ended
(Dollars in thousands)	March 31, 2016			March 31, 2015
Average daily balance	$	50,850		$	32,122
Average interest rate		0.85	%		1.01	%
Maximum month-end balance	$	51,025		$	36,230
Weighted average interest rate		0.84	%		1.01	%