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Repurchase Agreements
 12 Months Ended
Dec. 31, 2015
Disclosure of Repurchase Agreements [Abstract]  
Repurchase Agreements

Note 9 – Repurchase Agreements

 

Securities sold under agreements to repurchase are advances to the Bank by customers or another bank. These agreements are direct obligations of the Bank and are secured by securities held in safekeeping at a correspondent bank. Repurchase agreements with Bank customers mature daily. Information regarding repurchase agreements follows:

               
(Dollars in thousands)   2015   2014  
               
Outstanding balance at December 31   $ 9,460   $ 26,743  
Average interest rate at December 31     0.04 %   0.19 %
Average balance during the year   $ 17,825   $ 22,594  
Average interest rate during the year     0.17 %   0.20 %
Maximum month end balance during the year   $ 26,743   $ 28,719  

 

Repurchase agreements accounted for as secured borrowings as of December 31, 2015 were as follows:

         
    Remaining
Contractual
Maturity of the
Agreements		  
(Dollars in thousands)   Overnight and
Continuous		  
U.S. Government agencies   $ 7,011  
Total securities     7,011  
Unsecured borrowings     2,449  
Total borrowings   $ 9,460