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Federal Funds Purchased and Securities Sold Under Agreement to Repurchase
 12 Months Ended
Dec. 31, 2016
Brokers and Dealers [Abstract]  
Federal Funds Purchased and Securities Sold Under Agreement to Repurchase

Note 8 – Federal Funds Purchased and 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, 2016 and 2015 securities with a book value of $56.0 million and $65.8 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		  
2016   $ 32,814        0.20 %    $ 43,929      $ 39,928         0.10 % 
2015   $ 39,691        0.08 %    $ 46,564      $ 39,371         0.08 % 

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		  
2016   $ 20,510        1.96 %    $ 20,510      $ 19,562         1.88 % 
2015   $ 17,124        2.00 %    $ 17,961      $ 17,294         1.62 % 

The Company had $17.0 and $22.0 million of Federal Funds Purchased as of December 31, 2016 and December 31, 2015 respectively. The $53.3 million in Securities Sold Under Agreements to Repurchase were comprised of U.S. Treasuries and government agency securities. The table below shows the remaining contractual maturity in the repurchase agreements December 31, 2016.

 

     December 31, 2016  
     Remaining Contratual Maturity of the Agreements  
     Overnight &
Continuous		      Up to 30 days      30-90 days      Greater Than
90 days		      Total  

Federal funds Purchased

    $ 17,000       $ —         $ —         $ —         $ 17,000   

Repurchase Agreements

               

US Treasury & agency securities

      32,814         —           —           20,510         53,324   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 49,814       $ —         $ —         $ 20,510       $ 70,324