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Securities Sold under Agreements to Repurchase | 9 Months Ended
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Sep. 30, 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:
|  | September 30, |  | December 31, |  | September 30,
|  | 2017 |  | 2016 |  | 2016
|  | (dollars in thousands)
Average daily balance during the year-to-date |  | $ | 9,065 |  |  | $ | 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 | %
As of September 30, 2017, there were no repurchase agreements outstanding. The previous outstanding repurchase agreement of $15.0 million was repaid on June 15, 2017.
|  | December 31, 2016
|  | Remaining Contractual Maturity of the Agreements
|  | Overnight and |  | Up to 30 |  |  |  |  | Greater Than |  |  |
|  | Continuous |  | Days |  | 31-90 Days |  | 90 Days |  | Total
|  | (dollars in thousands)
Repurchase agreements & repurchase-to-maturity transaction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 $-0- and $16.8 million at September 30, 2017 and December 31, 2016, respectively.

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