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Repurchase Agreements
 12 Months Ended
Dec. 31, 2016
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)   2016     2015  
             
Outstanding balance at December 31   $ 7,913     $ 9,460  
Average interest rate at December 31     0.05 %     0.04 %
Average balance during the year   $ 7,762     $ 17,825  
Average interest rate during the year     0.05 %     0.17 %
Maximum month end balance during the year   $ 10,539     $ 26,743  

 

Repurchase agreements accounted for as secured borrowings as of December 31, 2016 were as follows:

 

    Remaining Contractual Maturity of the Agreements  
(Dollars in thousands)   Overnight and  
    Continuous  
U.S. Government agencies   $ 13,186  
     Total securities     13,186  
Unsecured borrowings     —  
     Total borrowings   $ 13,186