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Repurchase Agreements and Other Borrowings | 9 Months Ended
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Sep. 30, 2016
Repurchase Agreements and Other Borrowings [Abstract] |
Repurchase Agreements and Other Borrowings | Repurchase Agreements and Other Borrowings Securities sold under agreements to repurchase were $127.4 million at September 30, 2016, an decrease of $1.4 million from $128.8 million at December 31, 2015. The decrease during the first nine months of 2016 was primarily due to decreases in balances of customers due to changes in cash flow needs for their businesses net of balances acquired with First Clover Leaf Bank. All of the transactions have overnight maturities. The right of setoff for a repurchase agreement resembles a secured borrowing, whereby the collateral pledged by the Company would be used to settle the fair value of the repurchase agreement should the Company be in default (e.g., declare bankruptcy), the Company could cancel the repurchase agreement (i.e., cease payment of principal and interest), and attempt collection on the amount of collateral value in excess of the repurchase agreement fair value. The collateral is held by a third party financial institution in the counterparty's custodial account. The counterparty has the right to sell or repledge the investment securities. For government entity repurchase agreements, the collateral is held by the Company in a segregated custodial account under a tri-party agreement. The Company is required by the counterparty to maintain adequate collateral levels. In the event the collateral fair value falls below stipulated levels, the Company will pledge additional securities. The Company closely monitors collateral levels to ensure adequate levels are maintained, while mitigating the potential of over-collateralization in the event of counterparty default. Collateral pledged by class for repurchase agreements are as follows (in thousands):
| September 30, 2016 | December 31, 2015
US Treasury securities and obligations of U.S. government corporations & agencies | $ | 57,477 |  | $ | 85,805 |
Obligations of states and political subdivisions | 5,658 |  | — |
Mortgage-backed securities: GSE: residential | 64,297 |  | 43,037 |
Total | $ | 127,432 |  | $ | 128,842 |
FHLB borrowings increased to $50 million at September 30, 2016 from $20 million at December 31, 2015. At September 30, 2016 the advances were as follows:
• | $5 million advance with a 6-month maturity, at 0.59%, due December, 19, 2016
• | $5 million advance with a 3-month maturity, at 0.41%, due December 27, 2016
• | $5 million advance with a 1-year maturity, at 0.82%, due June 21, 2017
• | $5 million advance with a 3-year maturity, at 1.30%, due May 7, 2018
• | $5 million advance with a 2-year maturity, at 0.99%, due June 21, 2018
• | $10 million advance with a 3-year maturity, at 1.42%, due November 5, 2018
• | $5 million advance with a 6-year maturity, at 2.30%, due August 24, 2020
• | $5 million advance with a 7-year maturity, at 2.55%, due October 1, 2021
• | $5 million advance with a 8-year maturity, at 2.40%, due January 9, 2023

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- Definition Disclosure of change in repurchase agreements, FHLB Advances and other borrowings. + References No definition available. + Details
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