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SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
 6 Months Ended
Jun. 30, 2015
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE [Abstract]  
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
NOTE 7                                        SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

A summary of securities sold under agreements to repurchase as of June 30, 2015 and December 31, 2014 is as follows (in thousands):

  
June 30, 2015
 
  
Overnight and Continuous
  
Up to 1 Year
  
1 - 3 Years
  
3+ Years
  
Total
 
Obligations of U.S. Government and U.S. Government sponsored enterprises
 
$
12,420
  
$
-
  
$
15,614
  
$
-
  
$
28,034
 
Mortgage-backed securities, residential
  
8,709
   
-
   
6,607
   
-
   
15,316
 
     Total
 
$
21,129
  
$
-
  
$
22,221
  
$
-
   
43,350
 
Excess collateral held
                  
(11,468
)
Gross amount of recognized liabilities for repurchase agreements
                 
$
31,882
 

  
December 31, 2014
 
  
Overnight and Continuous
  
Up to 1 Year
  
1 - 3 Years
  
3+ Years
  
Total
 
Obligations of U.S. Government and U.S. Government sponsored enterprises
 
$
21,056
  
$
-
  
$
6,990
  
$
8,595
  
$
36,641
 
Mortgage-backed securities, residential
  
669
   
-
   
3,507
   
4,174
   
8,350
 
Collateralized mortgage obligations
  
-
   
-
   
48
   
-
   
48
 
     Total
  
21,725
  
$
-
  
$
10,545
  
$
12,769
   
45,039
 
Excess collateral held
                  
(15,387
)
Gross amount of recognized liabilities for repurchase agreements
                 
$
29,652
 

The Corporation enters into sales of securities under agreements to repurchase and the amounts received under these agreements represent borrowings and are reflected as a liability in the consolidated balance sheets.  The securities underlying these agreements are included in investment securities in the consolidated balance sheets.

The Corporation has no control over the market value of the securities which fluctuate due to market conditions, however, the Corporation is obligated to promptly transfer additional securities if the market value of the securities falls below the repurchase agreement price.  The Corporation manages this risk by utilizing highly marketable and easily priced securities, monitoring these securities for significant changes in market valuation routinely, and maintaining an unpledged securities portfolio believed to be sufficient to cover a decline in the market value of the securities sold under agreements to repurchase.