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Securities Sold Under Agreements to Repurchase and Federal Funds Purchased
 12 Months Ended
Dec. 31, 2016
Banking and Thrift [Abstract]  
Securities Sold Under Agreements to Repurchase and Federal Funds Purchased
Securities Sold Under Agreements to Repurchase and Federal Funds Purchased
 
Information regarding securities sold under agreements to repurchase and Federal funds purchased is detailed in the following tables for the years ended December 31:
 
Securities Sold Under Agreements to Repurchase
2016
 
2015
 
2014
(dollar amounts in thousands)
 
 
 
 
 
Total outstanding at December 31
$
69,062

 
$
136,513

 
$
147,037

 
 
 
 
 
 
Maximum month-end balance
125,063

 
146,397

 
160,295

Average balance during the year
99,622

 
137,917

 
145,876

Weighted average rate at December 31
0.88
%
 
1.90
%
 
1.83
%
Average interest rate paid during the year
2.24
%
 
1.96
%
 
2.02
%
Federal Funds Purchased
 
 
 
 
 
Average balance during the year
0

 
0

 
0

Weighted average rate at December 31
N/A

 
N/A

 
N/A

Average interest rate paid during the year
0.00
%
 
0.00
%
 
0.00
%

 
Securities sold under agreements to repurchase (“repurchase agreements”) are secured borrowings that typically mature within thirty to ninety days, although the Company has entered into repurchase agreements with the Federal Home Loan Bank (“FHLB”) with longer maturities. The Company uses both retail and wholesale repurchase agreements. Retail repurchase agreements are arrangements with local customers of the Company, in which the Company agrees to sell securities to the customer with an agreement to repurchase those securities at a specified later date. Retail repurchase agreements totaled $59.1 million at December 31, 2016. At December 31, 2016, the Company had $10.0 million in wholesale repurchase agreements. All $10.0 million in wholesale repurchase agreements were with the Federal Home Loan Bank of New York and mature in 2017.
 
Securities sold under agreements to repurchase are stated at the amount of cash received in connection with the transaction. The Company may be required to provide additional collateral based on the fair value of the underlying securities.
 
Federal funds purchased are short-term borrowings that typically mature within one to ninety days.