Securities Sold Under Agreements to Repurchase

12 Months Ended

Dec. 31, 2014

Securities Sold under Agreements to Repurchase [Abstract]

Securities sold under agreements to repurchase

Securities Sold Under Agreements to Repurchase - Term

The Company has entered into wholesale repurchase agreements with certain brokers. At December 31, 2014 and 2013, the Company held $25.0 million in wholesale repurchase agreements with an interest rate of 1.88%. Securities available for sale with a carrying amount of $28.4 million at December 31, 2014 were pledged as collateral for the repurchase agreement borrowings. The broker holds the securities while the Company continues to receive the principal and interest payments from the securities. Upon maturity of the agreement in 2018, the pledged securities will be returned to the Company.

Securities Sold Under Agreements to Repurchase - Sweep

These sweep repurchase agreements are generally short-term agreements. These agreements are treated as financing transactions and the obligations to repurchase securities sold are reflected as a liability in the consolidated financial statements. The dollar amount of securities underlying the agreements remains in the applicable asset account of the consolidated financial statements. These agreements had a balance of $80.1 million and a weighted average interest rate of 0.12% at December 31, 2014. All of these repurchase agreements in existence at December 31, 2014 mature on a daily basis. Securities available for sale with a carrying amount of $103.0 million at December 31, 2014 were pledged as collateral for the repurchase agreement borrowings related to the acquisition of Intermountain.