XML 32 R20.htm IDEA: XBRL DOCUMENT

Securities Sold under Agreements to Repurchase

6 Months Ended

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.