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Securities Sold under Agreements to Repurchase | 3 Months Ended
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Mar. 31, 2017
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 securities to secure those borrowings. Information concerning repurchase agreements is summarized as follows for the periods presented:
|  | March 31, |  | December 31, |  | March 31,
(dollars in thousands) |  | 2017 |  | 2016 |  | 2016
Average daily balance during the year-to-date |  | $ | 15,000 |  |  | $ | 15,000 |  |  | $ | 15,000 |
Average interest rate during the year-to-date |  |  | 5.95 | % |  |  | 5.95 | % |  |  | 5.95 | %
Maximum month end balance during the year-to-date |  | $ | 15,000 |  |  | $ | 15,000 |  |  | $ | 15,000 |
Weighted average interest rate during the year-to-date |  |  | 5.95 | % |  |  | 5.95 | % |  |  | 5.95 | %
The table below shows the remaining contractual maturity of agreement by fair value of collateral pledged:
|  | March 31, 2017
|  | 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 |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | -
Residential mortgage pass-through securities |  |  | - |  |  | - |  |  | 18,143 |  |  | - |  |  | 18,143
Total borrowings |  | $ | - |  | $ | - |  | $ | 18,143 |  | $ | - |  | $ | 18,143
Amounts related to agreements not included in offsetting disclosure in Note 14: |  | $ | 3,143
|  | December 31, 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 |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | -
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 14: |  | $ | 1,826
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 $18.1 million and $16.8 million at March 31, 2017 and December 31, 2016.

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