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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 [Abstract] |
Securities Sold under Agreements to Repurchase [Text Block] | Note 10 – Securities Sold under Agreements to Repurchase The Company has entered into agreements under which it has sold securities subject to an obligation to repurchase the same or similar securities. Under these arrangements, the Company may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Company to repurchase the assets. The obligation to repurchase the securities is reflected as a liability in the Company’s consolidated statement of condition, while the securities underlying the securities sold under agreements to repurchase remain in the respective asset accounts and are delivered to and held as collateral by third party trustees. Repurchase agreements are secured borrowings. The Company pledges investment securities to secure those borrowings. Information concerning repurchase agreements is summarized as follows:
|  | 2016 |  |  | 2015 |  |  | 2014 |
Average daily balance during the year |  | $ | 15,000 |  |  | $ | 22,890 |  |  | $ | 31,000 |
Average interest rate during the year |  |  | 5.95 | % |  |  | 5.92 | % |  |  | 5.90 | %
Maximum month-end balance during the year |  | $ | 15,000 |  |  | $ | 31,000 |  |  | $ | 31,000 |
Weighted average interest rate during the year |  |  | 5.95 | % |  |  | 5.92 | % |  |  | 5.90 | %
The table below shows the remaining contractual maturity of agreement by fair value of collateral pledged:
|  | 2016 |
|  | Remaining Contractual Maturity of the Agreements |
|  | Overnight and Continuous |  |  | Up to 30 Days |  |  | 30-90 Days |  |  | Greater Than 90 Days |  |  | Total |
Repurchase agreements and repurchase-to-maturity transactions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agency securities |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Residential mortgage pass-through securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 16,826 |  |  |  | 16,826 |
Total Borrowings |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 16,826 |  |  | $ | 16,826 |
Amounts related to agreements not included in offsetting disclosure in Note 13. |  |  | $ | 1,826 |
|  | 2015 |
|  | Remaining Contractual Maturity of the Agreements |
|  | Overnight and Continuous |  |  | Up to 30 Days |  |  | 30-90 Days |  |  | Greater Than 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 $16.8 million and $18.9 million at year-end 2016 and 2015.

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