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SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | 12 Months Ended
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Dec. 31, 2015
Disclosure of Repurchase Agreements [Abstract] |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE Repurchase agreements are secured borrowings. The Corporation pledges investment securities to secure these borrowings. A summary of securities sold under agreements to repurchase as of and for the years ended December 31, 2015, 2014 and 2013 is as follows (in thousands):
| 2015 |  | 2014 |  | 2013
Balance at December 31 | $ | 28,453 |  |  | $ | 29,652 |  |  | $ | 32,701 |
Maximum month-end balance | $ | 32,145 |  |  | $ | 31,914 |  |  | $ | 32,701 |
Average balance during year | $ | 30,236 |  |  | $ | 30,667 |  |  | $ | 31,102 |
Weighted-average interest rate at December 31 | 2.93 | % |  | 2.82 | % |  | 2.93 | %
Average interest rate paid during year | 2.80 | % |  | 2.77 | % |  | 2.76 | %
The contractual maturity of securities sold under agreements to repurchase by collateral pledged as of December 31, 2015 and 2014 is as follows (in thousands):
| December 31, 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 | $ | 12,163 |  |  | $ | 1,781 |  |  | $ | 9,323 |  |  | $ | — |  |  | $ | 23,267 |
Mortgage-backed securities, residential | 8,280 |  |  | 9,174 |  |  | 3,135 |  |  | — |  |  | 20,589 |
Total | $ | 20,443 |  |  | $ | 10,955 |  |  | $ | 12,458 |  |  | $ | — |  |  | 43,856 |
Excess collateral held |  |  |  |  |  |  |  |  |  |  |  |  | (15,403 | )
Gross amount of recognized liabilities for repurchase agreements |  |  |  |  |  |  |  |  |  |  |  |  | $ | 28,453 |
| 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. See Note 3 for additional information regarding securities pledged as collateral for securities sold under the repurchase agreements. 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.

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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 FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=55761124&loc=SL6224234-111729 Reference 2: 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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