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BORROWED FUNDS AND REPURCHASE AGREEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2017
BORROWED FUNDS AND REPURCHASE AGREEMENTS [Abstract] |
Borrowed funds | The following table shows the breakdown of borrowed funds as of December 31, 2017 and 2016, (dollars in thousands):
|  | Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Sold Under |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |
|  | Agreements to |  |  | FHLB |  |  | Federal Funds |  |  | FRB |  |  | Notes |  |  | Term |  |  | Borrowed |
|  | Repurchase(a) |  |  | Advances(b) |  |  | Line (c) |  |  | BIC Line (d) |  |  | Payable(e) |  |  | Loans(f) |  |  | Funds |
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31 |  | $ | 14,989 |  |  | $ | 77,650 |  |  | $ | - |  |  | $ | - |  |  | $ | 7,500 |  |  | $ | 14,525 |  |  | $ | 114,664 |
Highest balance at any month-end |  |  | 16,643 |  |  |  | 78,858 |  |  |  | - |  |  |  | - |  |  |  | 7,500 |  |  |  | 16,525 |  |  |  | 119,526 |
Average balance |  |  | 15,598 |  |  |  | 29,409 |  |  |  | 1 |  |  |  | 2 |  |  |  | 7,500 |  |  |  | 16,026 |  |  |  | 68,536 |
Weighted average interest rate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Paid during the year |  |  | 0.97 | % |  |  | 1.25 | % |  |  | 1.52 | % |  |  | 1.75 | % |  |  | 4.06 | % |  |  | 2.44 | % |  |  | 1.77 | %
As of year-end |  |  | 1.37 | % |  |  | 1.54 | % |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 4.40 | % |  |  | 2.42 | % |  |  | 1.82 | %
2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31 |  | $ | 14,307 |  |  | $ | 41,330 |  |  | $ | - |  |  | $ | - |  |  | $ | 7,500 |  |  | $ | 16,525 |  |  | $ | 79,662 |
Highest balance at any month-end |  |  | 16,132 |  |  |  | 45,125 |  |  |  | - |  |  |  | - |  |  |  | 7,500 |  |  |  | 16,525 |  |  |  | 85,282 |
Average balance |  |  | 15,057 |  |  |  | 7,917 |  |  |  | 2 |  |  |  | 3 |  |  |  | 7,500 |  |  |  | 16,525 |  |  |  | 47,004 |
Weighted average interest rate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Paid during the year |  |  | 0.49 | % |  |  | 0.63 | % |  |  | 0.76 | % |  |  | 1.00 | % |  |  | 3.55 | % |  |  | 2.44 | % |  |  | 1.69 | %
As of year-end |  |  | 0.67 | % |  |  | 0.74 | % |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 3.79 | % |  |  | 2.44 | % |  |  | 1.36 | %
Remaining contractual maturity of the repurchase agreements | 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, 2017 and December 31, 2016 is presented in the following tables.
|  | Remaining Contractual Maturity of the Agreements |
|  | Overnight and |  |  | Up to |  |  |  |  |  | Greater than |  |  |  |
2017 |  | Continuous |  |  | 30 Days |  |  | 30 - 90 Days |  |  | 90 days |  |  | Total |
Repurchase Agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities |  | $ | 16,027 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,035 |  |  |  |
Total carrying value of collateral pledged |  | $ | 16,027 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,035 |  |  | $ | 18,062 |
Total liability recognized for repurchase agreements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 14,989 |
|  | Remaining Contractual Maturity of the Agreements |
|  | Overnight and |  |  | Up to |  |  |  |  |  | Greater than |  |  |  |
2016 |  | Continuous |  |  | 30 Days |  |  | 30 - 90 Days |  |  | 90 days |  |  | Total |
Repurchase Agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities |  | $ | 16,118 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,059 |  |  |  |
Total carrying value of collateral pledged |  | $ | 16,118 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,059 |  |  | $ | 18,177 |
Total liability recognized for repurchase agreements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 14,307 |
Federal Home Loan Bank loans by branch | Term Loans consist of separate loans with the FHLB of Pittsburgh as follows (in thousands):
|  |  |  |  | December 31, |  |  | December 31, |
Interest Rate |  |  | Maturity |  | 2017 |  |  | 2016 |
Fixed: |  |  |  |  |  |  |  |  |
| 2.29 | % |  | October 2, 2017 |  |  |  |  |  | 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 |  | $ | 14,525 |  |  | $ | 16,525 |
Maturities of borrowed funds | Following are maturities of borrowed funds as of December 31, 2017 (in thousands):
2018 |  | $ | 100,025 |
2019 |  |  | 2,000 |
2020 |  |  | 580 |
2021 |  |  | 7,334 |
2022 |  |  | 4,725 |
Thereafter |  |  | - |
Total borrowed funds |  | $ | 114,664 |

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