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SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | 6 Months Ended
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Jun. 30, 2015
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | 9. SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE At June 30, 2015, June 30, 2014 and December 31, 2014, securities sold under agreements to repurchase totaled $26.6 million, $11.4 million, and $36.3 million, respectively, and were secured by U.S. GSE, residential mortgage-backed securities and residential collateralized mortgage obligations with a carrying amount of $29.1 million, $15.4 million and $40.3 million, respectively. Securities sold under agreements to repurchase are financing arrangements with $1.6 million maturing during the third quarter of 2015, and $25.0 million maturing during the fourth quarter of 2015. At maturity, the securities underlying the agreements are returned to the Company. Information concerning the securities sold under agreements to repurchase is summarized as follows:
|  | For the six months ended |  |  | For the year ended |
(Dollars in thousands) |  | June 30, 2015 |  |  | June 30, 2014 |  |  | December 31, 2014 |
Average daily balance |  | $ | 29,213 |  |  | $ | 11,594 |  |  | $ | 14,185 |
Average interest rate |  |  | 0.74 | % |  |  | 3.22 | % |  |  | 2.71 | %
Maximum month-end balance |  | $ | 36,230 |  |  | $ | 12,045 |  |  | $ | 36,879 |
Weighted average interest rate |  |  | 0.74 | % |  |  | 3.17 | % |  |  | 2.67 | %
The primary risk associated with these secured borrowings is the requirement to pledge a market value based balance of collateral in excess of the borrowed amount. The excess collateral pledged represents an unsecured exposure to the lending counterparty. As the market value of the collateral changes, both through changes in discount rates and spreads as well as related cash flows, additional collateral may need to be pledged. In accordance with our policies, eligible counterparties are defined and monitored to minimize our exposure.

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- Definition The entire disclosure for repurchase agreements (also known as repos), resale agreements (also known as reverse repurchase agreements or reverse repos), securities borrowed transactions, and securities loaned transactions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=55761124&loc=SL6224234-111729 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(m)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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