Securities sold under agreements to repurchase, which are classified as borrowings, generally mature within one to four days. The following table presents balance and interest rate information on the securities sold under agreements to repurchase.

The carrying value of securities sold under agreement to repurchase amounted $10.2 million and $27.1 million at June 30, 2017 and 2016, respectively. The securities, which are classified as borrowings, generally mature within one to four days. The securities underlying the agreements consist of marketable securities, including $0 and $4.0 million of U.S. Government and Federal Agency Obligations, and $17.0 million of Mortgage-Backed Securities, and $2.1 million and $6.1 million of Collateralized Mortgage Obligations, at June 30, 2017 and 2016, respectively. The right of offset for a repurchase agreement resembles a secured borrowing, whereby the collateral pledged by the Company would be used to settle the fair value of the repurchase agreement should the Company be in default. The collateral is held by the Company in a segregated custodial account. In the event the collateral fair value falls below stipulated levels, the Company will pledge additional securities. The Company closely monitors collateral levels to ensure adequate levels are maintained.

	June 30,
(dollars in thousands)	2017	2016
Year-end balance	$ 10,212	$ 27,085
Average balance during the year	22,198	27,387
Maximum month-end balance during the year	28,825	31,575
Average interest during the year	0.43%	0.44%
Year-end interest rate	0.50%	0.40%