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, 2017 and 2016 securities with a market value of $35.9 million and $55.2 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
2017	$	6,145		1.19	%	$	14,929	$	10,253		0.96	%
2016	$	32,814		0.20	%	$	43,929	$	39,928		0.10	%


			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
2017	$	22,925		1.97	%	$	22,925	$	21,172		1.81	%
2016	$	20,510		1.96	%	$	20,510	$	19,562		1.88	%

The Company had $10.4 and $17.0 million of Federal Funds Purchased as of December 31, 2017 and December 31, 2016 respectively. The $29.1 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, 2017.


	December 31, 2017
	Remaining Contractual Maturity of the Agreements
	Overnight & Continuous		Up to 30 days		30-90 days		Greater Than 90 days		Total
Federal funds Purchased	$	10,425	$	—	$	—	$	—	$	10,425
Repurchase Agreements US Treasury & agency securities		6,145		—		—		22,925		29,070

Total	$	16,570	$	—	$	—	$	22,925	$	39,495