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BORROWED FUNDS AND REPURCHASE AGREEMENTS (Tables)
 12 Months Ended
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