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SHORT-TERM BORROWINGS
 12 Months Ended
Dec. 31, 2016
SHORT-TERM BORROWINGS [Abstract]  
SHORT-TERM BORROWINGS



NOTE 10. SHORT-TERM BORROWINGS

 

The following table summarizes certain information on short-term borrowings for the years ended December 31, 2016 and 2015.

 





 

 

 

 

 

 

 

 

 

 

 

 



 

2016

 

2015

(Dollars in thousands)

 

Amount

 

Rate

 

Amount

 

Rate

Average for the Year

 

 

 

 

 

 

 

 

 

 

 

 

Retail repurchase agreements

 

$

 5,753 

 

 0.24 

%

 

$

 6,226 

 

 0.24 

%



 

 

 

 

 

 

 

 

 

 

 

 

At Year End

 

 

 

 

 

 

 

 

 

 

 

 

Retail repurchase agreements

 

$

 3,203 

 

 0.25 

%

 

$

 6,672 

 

 0.23 

%

 

Securities sold under agreements to repurchase are securities sold to customers, at the customers’ request, under a “roll-over” contract that matures in one business day. The underlying securities sold are U.S. Government agency securities, which are segregated in the Company’s custodial accounts from other investment securities.

 

The Company may periodically borrow from a correspondent federal funds line of credit arrangement, under a secured reverse repurchase agreement, or from the Federal Home Loan Bank to meet short-term liquidity needs.