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SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | 12 Months Ended
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Dec. 31, 2016
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | 7. SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE Securities sold under agreements to repurchase totaled $0.7 million at December 31, 2016 and $50.9 million at December 31, 2015. The repurchase agreements were collateralized by investment securities, of which 49% were U.S. GSE residential collateralized mortgage obligations and 51% were U.S. GSE residential mortgage-backed securities with a carrying amount of $2.3 million at December 31, 2016 and 96% were U.S. GSE securities and 4% were U.S. GSE residential collateralized mortgage obligations with a carrying amount of $55.9 million at December 31, 2015. Securities sold under agreements to repurchase are financing arrangements with $0.7 million maturing during the first quarter of 2017. At maturity, the securities underlying the agreements are returned to the Company. The following table summarizes information concerning securities sold under agreements to repurchase:
|  | Year Ended December 31, |
(Dollars in thousands) |  | 2016 |  |  | 2015 |
Average daily balance during the year |  | $ | 45,630 |  |  | $ | 30,317 |
Average interest rate during the year |  |  | 0.85 | % |  |  | 0.65 | %
Maximum month-end balance during the year |  | $ | 51,197 |  |  | $ | 51,400 |
Weighted average interest rate at year-end |  |  | 0.83 | % |  |  | 0.64 | %
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 the Company’s policies, eligible counterparties are defined and monitored to minimize 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=64858031&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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