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Securities Sold Under Agreement to Repurchase
 12 Months Ended
Dec. 31, 2015
Brokers and Dealers [Abstract]  
Securities Sold Under Agreement to Repurchase

Note 8 – Securities Sold Under Agreement to Repurchase

The Bank’s policy requires qualifying securities to be used as collateral for the underlying repurchase agreements. As of December 31, 2015 and 2014 securities with a book value of $65.8 million and $65.3 million, respectively, were pledged to secure the repurchase agreements. The table below presents the daily securities sold under agreement to repurchase and the term repurchase agreements. It does not include the Bank’s Federal Funds purchased.

 

     Daily Securities Sold Under Agreement to Repurchase  
     Amount
Outstanding
at End
of Period (000’s)		      Weighted
Average
Rate End
of Period		     Maximum Amount
Borrowings
Outstanding
Month End (000’s)		      Approximate
Average
Outstanding in
Period (000’s)		      Approximate
Weighted Average
Interest Rate
For the Period		  

2015

    $ 39,691         0.08 %    $ 46,564       $ 39,371         0.08 % 

2014

    $ 38,493         0.08 %    $ 46,475       $ 42,222         0.09 % 
     Term CD’s Sold Under Agreement to Repurchase  
     Amount
Outstanding
at End
of Period (000’s)		      Weighted
Average
Rate End
of Period		     Maximum Amount
Borrowings
Outstanding
Month End (000’s)		      Approximate
Average
Outstanding in
Period (000’s)		      Approximate
Weighted Average
Interest Rate
For the Period		  

2015

    $ 17,124         2.00 %    $ 17,961       $ 17,294         1.62 % 

2014

    $ 17,469         1.25 %    $ 17,469       $ 17,337         1.24 % 

 

 

 

The Company had $22.0 million of Federal Funds Purchased as of December 31, 2015 and $56.8 million in Securities Sold Under Agreements to Repurchase. These securities were comprised of U.S. Treasuries and government agency securities. The table below shows the remaining contractual maturity in the repurchase agreements.

 

     December 31, 2015  
     Remaining Contratual Maturity of the Agreements  
     Overnight &
Continuous		      Up to 30 days      30-90 days      Greater Than
90 days		      Total  

Federal funds Purchased

    $ 22,000       $ —         $ —         $ —         $ 22,000   

Repurchase Agreements

               

US Treasury & agency securities

      39,691         —           —           17,124         56,815   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 61,691       $ —         $ —         $ 17,124       $ 78,815