Securities Sold Under Agreements to Repurchase

12 Months Ended

Dec. 31, 2015

Brokers and Dealers [Abstract]

Securities Sold Under Agreements to Repurchase

NOTE 12 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

Securities sold under agreements to repurchase are used to facilitate the needs of our customers as well as to facilitate our short-term funding needs. Securities sold under repurchase agreements are carried at the amount of cash received in association with the agreement. We continuously monitor the collateral levels and may be required, from time to time, to provide additional collateral based on the fair value of the underlying securities. Securities pledged as collateral under repurchase agreements are maintained with our safekeeping agents.

The following table presents detail regarding the securities pledged as collateral under repurchase agreements as of December 31, 2015 and December 31, 2014. All of the repurchase agreements are overnight agreements.

	December 31, 2015		December 31, 2014
Securities pledged for repurchase agreements:
U.S. Treasury securities	$	894	$	876
Obligations of U.S. government agencies		24,146		20,737
Total securities pledged	$	25,040	$	21,613
Gross amount of recognized liabilities for repurchase agreements	$	25,040	$	21,613
Amounts related to agreements not included in offsetting disclosures above	$	—	$	—

Information concerning securities sold under agreements to repurchase was as follows:

	2015			2014			2013
Outstanding balance at year end	$	25,040		$	21,613		$	20,053
Average balance during the year		20,086			19,759			20,749
Average interest rate during the year		0.10	%		0.10	%		0.10	%
Maximum month-end balance during the year	$	25,040		$	33,764		$	24,257
Weighted average interest rate at year end		0.10	%		0.10	%		0.10	%

Securities underlying repurchase agreements had a fair value of $25,040 at December 31, 2015 and $21,613 at December 31, 2014.