REPURCHASE AGREEMENTS

6 Months Ended

Jun. 30, 2016

REPURCHASE AGREEMENTS

REPURCHASE AGREEMENTS

7.REPURCHASE AGREEMENTS

Repurchase agreements totaled $26.1 million as of June 30, 2016. Of this, $20.1 million were overnight obligations and $6.0 million had terms extending through May 2020 and a weighted average life of 2.2 years. The Company pledged agency-backed securities with a carrying amount of $33.2 million to secure repurchase agreements as of June 30, 2016.