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BORROWED FUNDS AND REPURCHASE AGREEMENTS | 12 Months Ended
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Dec. 31, 2017
BORROWED FUNDS AND REPURCHASE AGREEMENTS [Abstract] |
BORROWED FUNDS AND REPURCHASE AGREEMENTS | 9. BORROWED FUNDS AND REPURCHASE AGREEMENTS 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 | %
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 |
(a) 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. (b) 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 $453,407,000, 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. (c) 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. (d) 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, 2017 and 2016, the Company has a borrowing limit of $4,400,000 and $4,360,000, respectively, inclusive of any outstanding advances. The approximate carrying value of the municipal loan collateral was $14,590,000 and $15,560,000 as of December 31, 2017 and 2016, respectively. (e) 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 percent. 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. (f) 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 |
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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