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BORROWED FUNDS AND REPURCHASE AGREEMENTS, Breakdown of Borrowed Funds (Details) - USD ($) $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2016 | Dec. 31, 2015
Debt Instrument [Line Items] |  |  |
Borrowed funds |  | $ 79,662 | $ 41,631
Highest balance at any month-end |  | 85,282 | 71,073
Average balance |  | $ 47,004 | $ 36,700
Weighted average interest rate paid during the year |  | 1.69% | 1.93%
Weighted average interest rate as of year end |  | 1.36% | 1.74%
Securities Sold Under Agreements to Repurchase [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Borrowed funds | [1] | $ 14,307 | $ 16,008
Highest balance at any month-end | [1] | 16,132 | 16,008
Average balance | [1] | $ 15,057 | $ 5,998
Weighted average interest rate paid during the year | [1] | 0.49% | 0.82%
Weighted average interest rate as of year end | [1] | 0.67% | 0.45%
FHLB Advances [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Borrowed funds | [2] | $ 41,330 | $ 1,598
Federal Home Loan Bank, advances, highest balance at any month-end | [2] | 45,125 | 26,996
Federal Home Loan Bank, advances, average balance | [2] | $ 7,917 | $ 5,218
Federal Home Loan Bank, advances, weighted average interest rate paid during the year | [2] | 0.63% | 0.35%
Federal Home Loan Bank, advances, weighted average interest rate as of year-end | [2] | 0.74% | 0.43%
Federal Funds Line [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Borrowed funds | [3] | $ 0 | $ 0
Highest balance at any month-end | [3] | 0 | 0
Average balance | [3] | $ 2 | $ 0
Weighted average interest rate paid during the year | [3] | 0.76% | 0.00%
Weighted average interest rate as of year end | [3] | 0.00% | 0.00%
FRB BIC Line [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Borrowed funds | [4] | $ 0 | $ 0
Highest balance at any month-end | [4] | 0 | 0
Average balance | [4] | $ 3 | $ 0
Weighted average interest rate paid during the year | [4] | 1.00% | 0.77%
Weighted average interest rate as of year end | [4] | 0.00% | 0.00%
Notes Payable [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Borrowed funds | [5] | $ 7,500 | $ 7,500
Highest balance at any month-end | [5] | 7,500 | 7,500
Average balance | [5] | $ 7,500 | $ 7,500
Weighted average interest rate paid during the year | [5] | 3.55% | 3.14%
Weighted average interest rate as of year end | [5] | 3.79% | 3.33%
Term Loans [Member] |  |  |
Debt Instrument [Line Items] |  |  |
Borrowed funds | [6] | $ 16,525 | $ 16,525
Highest balance at any month-end | [6] | 16,525 | 20,569
Average balance | [6] | $ 16,525 | $ 17,984
Weighted average interest rate paid during the year | [6] | 2.44% | 2.25%
Weighted average interest rate as of year end | [6] | 2.44% | 2.40%
[1] | We utilize securities sold under agreements to repurchase to facilitate the needs of our customers and to facilitate secured short-term funding needs. Securities sold under agreements to repurchase are stated at the amount of cash received in connection with the transaction. We monitor collateral levels on a continuous basis. We may be required to provide additional collateral based on the fair value of the underlying securities. Securities pledged as collateral under repurchase agreements are maintained with our safekeeping agents. The collateral pledged on the repurchase agreements by the remaining contractual maturity of the repurchase agreements in the Consolidated Balance Sheets as of December 31, 2016 and December 31, 2015 is presented in the following tables.
[2] | FHLB Advances consist of an "Open RepoPlus" agreement with the FHLB of Pittsburgh. FHLB "Open RepoPlus" advances are short-term borrowings that bear interest based on the FHLB discount rate or Federal Funds rate, whichever is higher. The Company has a borrowing limit of $343,209,000, inclusive of any outstanding advances. FHLB advances are secured by a blanket security agreement that includes the Company's FHLB stock, as well as certain investment and mortgage-backed securities held in safekeeping at the FHLB and certain residential and commercial mortgage loans.
[3] | The federal funds line consists of an unsecured line from a third party bank at market rates. The Company has a borrowing limit of $10,000,000, inclusive of any outstanding balances. No specific collateral is required to be pledged for these borrowings.
[4] | The Federal Reserve Bank Borrower in Custody (FRB BIC) Line consists of a borrower in custody in agreement open in January 2010 with the Federal Reserve Bank of Philadelphia secured by municipal loans maintained in the Company's possession. As of December 31, 2016 and 2015, the Company has a borrowing limit of $4,360,000 and $7,949,000, respectively, inclusive of any outstanding advances. The approximate carrying value of the municipal loan collateral was $15,560,000 and $16,146,000 as of December 31, 2016 and 2015, respectively.
[5] | In December 2003, the Company formed a special purpose entity ("Entity") to issue $7,500,000 of floating rate obligated mandatory redeemable trust preferred securities as part of a pooled offering. The rate was determined quarterly and floated based on the 3 month LIBOR plus 2.80. The Entity may redeem them, in whole or in part, at face value after December 17, 2008, and on a quarterly basis thereafter. The Company borrowed the proceeds of the issuance from the Entity in December 2003 in the form of a $7,500,000 note payable. Debt issue costs of $75,000 have been capitalized and fully amortized as of December 31, 2008. Under current accounting rules, the Company's minority interest in the Entity was recorded at the initial investment amount and is included in the other assets section of the balance sheet. The Entity is not consolidated as part of the Company's consolidated financial statements.
[6] | (f) Term Loans consist of separate loans with the FHLB of Pittsburgh as follows (in thousands): December 31, December 31, Interest Rate Maturity 2015 2014 Fixed: 2.29% October 2, 2017 2,000 2,000 2.72% July 12, 2018 1,000 1,000 1.87% February 4, 2019 2,000 2,000 2.61% February 3, 2021 2,000 2,000 3.52% July 12, 2021 2,000 2,000 2.37% August 20, 2021 2,800 2,800 2.08% January 6, 2022 4,725 4,725 Total term loans $ 16,525 $ 16,525

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- Definition Sum of the carrying values as of the balance sheet date of all debt, including all short-term borrowings, long-term debt, and capital lease obligations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13,16) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.16) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 + Details
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- Definition The calculated average balance outstanding for the year for all Federal Home Loan Bank advances as of the Balance Sheet date. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13(3)(a)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 + Details
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