Note 10 - Borrowed Funds

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

Debt Disclosure [Text Block]

10

. Borrowed Funds

Securities Sold Under Agreements to Repurchase.

Securities sold under agreements to repurchase were

$100

million with a weighted average rate of

2.86%

as of

September 30, 2017,

compared to

$350

million with a weighted average rate of

4.06%

as of

December 31, 2016.

Final maturity for the

two

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

$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

$108

million as of

September 30, 2017,

and

$372

million as of

December 31, 2016.

Borrowing from the FHLB.

As of

September 30, 2017,

over-night borrowings from the FHLB were

$450

million at a rate of

1.16%

compared to

$275

million at a rate of

0.55%

as of

December 31, 2016.

As of

September 30, 2017,

the advances from the FHLB were

$145

million at a rate of

1.35%.

As of

September 30, 2017,

FHLB advances of

$490

million will mature in

October 2017,

$55

million in

2018

and

$50

million in

December 2019.