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Securities Sold under Agreements to Repurchase

12 Months Ended

Dec. 31, 2015

Securities Sold under Agreements to Repurchase [Abstract]

Securities Sold under Agreements to Repurchase [Text Block]

Note 10 – Securities Sold under Agreements to Repurchase

Repurchase agreements are secured borrowings. The Company pledges investment securities to secure those borrowings. Information concerning repurchase agreements is summarized as follows:

	2015		2014		2013
Average daily balance during the year	$	22,890	$	31,000	$	31,000
Average interest rate during the year		5.92%		5.90%		5.90%
Maximum month-end balance during the year	$	31,000	$	31,000	$	31,000%
Weighted average interest rate during the year		5.92%		5.90%		5.90%

The table below shows the remaining contractual maturity of agreement by fair value of collateral pledged:

	2015
	Remaining Contractual Maturity of the Agreements
	Overnight and		Up to 30				Greater Than
	Continuous		Days		30-90 Days		90 Days		Total
Repurchase agreements and
Repurchase-to-maturity transactions
U.S. Treasury and agency securities	$	-	$	-	$	-	$	6,313	$	6,313
Residential mortgage pass-through securities		-		-		-		12,589		12,589
Total Borrowings	$	-	$	-	$	-	$	18,902	$	18,902

Amounts related to agreements not included in offsetting disclosure in Note 13									$	3,902

The fair value of securities pledged to secure repurchase agreement may decline. The Company manages this risk by having a policy to pledge securities valued at 8% above the gross outstanding balance of repurchase agreement. Securities sold under agreements to repurchase are secured by securities with a carrying amount of $18.8 million and $40.0 million at year-end 2015 and 2014.