SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Tables)

12 Months Ended

Dec. 31, 2014

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE [Abstract]

Summary of 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.