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SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | 12 Months Ended
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Dec. 31, 2014
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE [Abstract] |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | (8) SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE A summary of securities sold under agreements to repurchase as of and for the years ended December 31, 2014, 2013 and 2012 is as follows (amounts in thousands):
|  | 2014 |  |  | 2013 |  |  | 2012 |
Balance at December 31 |  | $ | 29,652 |  |  | $ | 32,701 |  |  | $ | 32,711 |
Maximum month-end balance |  | $ | 31,914 |  |  | $ | 32,701 |  |  | $ | 38,284 |
Average balance during year |  | $ | 30,667 |  |  | $ | 31,102 |  |  | $ | 34,534 |
Weighted-average interest rate at December 31 |  |  | 2.82 | % |  |  | 2.93 | % |  |  | 3.02 | %
Average interest rate paid during year |  |  | 2.77 | % |  |  | 2.76 | % |  |  | 2.88 | %
Information concerning outstanding securities repurchase agreements as of December 31, 2014 is summarized as follows (amounts in thousands):
Remaining Term to Final Maturity (1) |  | Repurchase Liability |  |  | Accrued Interest Payable |  |  | Weighted Average Rate |  |  | Estimated Fair Value of Collateral Securities (2) |
Within 90 days |  | $ | 9,652 |  |  | $ | - |  |  |  | 0.10 | % |  | $ | 16,682 |
After 90 days but within one year |  |  | - |  |  |  | - |  |  |  | - | % |  |  | - |
After one year but within five years |  |  | 20,000 |  |  |  | 63 |  |  |  | 4.13 | % |  |  | 23,530 |
After five years but within ten years |  |  | - |  |  |  | - |  |  |  | - | % |  |  | - |
Total |  | $ | 29,652 |  |  | $ | 63 |  |  |  | 2.82 | % |  | $ | 40,212 |
(1) | At December 31, 2014, the securities repurchase agreements were non-callable with a weighted-average rate of 3.10%, and a weighted-average term to maturity of approximately 1.9 years.
(2) | Represents the estimated fair value of the securities subject to the repurchase agreements, including accrued interest receivable, of approximately $342 thousand at December 31, 2014.

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- Definition The entire disclosure for repurchase agreements (also known as repos), resale agreements (also known as reverse repurchase agreements or reverse repos), securities borrowed transactions, and securities loaned transactions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph m -Article 4 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=34720971&loc=SL6224234-111729 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(m)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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