Note 9 - Borrowed Funds

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Debt Disclosure [Text Block]

9

.

Borrowed Funds

Securities Sold Under Agreements to Repurchase.

Securities sold under agreements to repurchase were

$150

million with a weighted average rate of

2.81%

as of

March

31,

2017,

compared to

$350

million with a weighted average rate of

4.06%

as of

December

31,

2016.

As of

March

31,

2017,

three

fixed rate non-callable securities sold under agreements to repurchase totaled

$150

million with a weighted average rate of

2.81%.

Final maturity for the

three

fixed rate non-callable securities sold under agreements to repurchase was

$50.0

million in

July

2017,

$50.0

million in

June

2018,

and

$50.0

million in

July

2018.

These transactions are accounted for as collateralized financing transactions and recorded at the amounts at which the securities were sold. The Company

may

have to provide additional collateral for the repu

rchase agreements, as necessary. The underlying collateral pledged for the repurchase agreements consists of U.S. Treasury securities and mortgage-backed securities with a fair value of

$166

million as of

March

31,

2017,

and

$372

million as of

December

31,

2016.

Borrowing from the FHLB.

As of

March

31,

2017,

over-night borrowings from the FHLB were

$250

million at a rate of

0.80%

compared to

$275

million at a rate of

0.55%

as of

December

31,

2016.

As of

March

31,

2017,

the advances from the FHLB were

$75

million at a rate of

1.48%.

As of

March

31,

2017,

FHLB advances of

$25

million will mature in

March

2018

and

$50

million will mature in

December

2019.