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Securities Sold under Agreements to Repurchase | 6 Months Ended
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Jun. 30, 2016
Securities Sold under Agreements to Repurchase [Abstract] |
Securities Sold under Agreements to Repurchase | Note 12 – 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 for the periods presented:
| June 30, |  | December 31, |  | June 30,
(dollars in thousands) | 2016 |  | 2015 |  | 2015
Average daily balance during the year-to-date | $ | 15,000 |  |  | $ | 22,890 |  |  | $ | 31,000 |
Average interest rate during the year-to-date |  | 5.95 | % |  |  | 5.92 | % |  |  | 5.90 | %
Maximum month-end balance during the year-to-date | $ | 15,000 |  |  | $ | 31,000 |  |  | $ | 31,000 | %
Weighted average interest rate during the year-to-date |  | 5.95 | % |  |  | 5.92 | % |  |  | 5.90 | %
The table below shows the remaining contractual maturity of agreement by fair value of collateral pledged:
|  | June 30, 2016
|  | Remaining Contractual Maturity of the Agreements
|  | Overnight and |  | Up to 30 |  |  |  |  | Greater Than |  |  |
(dollars in thousands) |  | Continuous |  | Days |  | 30-90 Days |  | 90 Days |  | Total
Repurchase agreements and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Repurchase-to-maturity transactions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agency securities |  | $ | - |  | $ | - |  | $ | - |  | $ | 5,158 |  | $ | 5,158
Residential mortgage pass-through securities |  |  | - |  |  | - |  |  | - |  |  | 14,180 |  |  | 14,180
Total Borrowings |  | $ | - |  | $ | - |  | $ | - |  | $ | 19,338 |  | $ | 19,338
Amounts related to agreements not included in offsetting disclosure in Note 14: |  | $ | 4,338
|  | December 31, 2015
|  | Remaining Contractual Maturity of the Agreements
|  | Overnight and |  | Up to 30 |  |  |  | Greater Than |  |  |
(dollars in thousands) |  | 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 14 |  | $ | 3,902
The fair value of securities pledged to secure repurchase agreements may decline. By contractual agreement, the fair value of securities pledged to secure repurchase agreements must meet or exceed the gross outstanding balance by 8%, or be subject to margin calls. Securities sold under agreements to repurchase are secured by securities with a carrying amount of $19.3 million and $18.8 million at June 30, 2016 and December 31, 2015.

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