Securities Sold Under Agreements to Repurchase and Federal Funds Purchased

12 Months Ended

Dec. 31, 2017

Securities Sold Under Agreements to Repurchase and Federal Funds Purchased

Information regarding securities sold under agreements to repurchase and Federal funds purchased is detailed in the following tables for the years ended December 31:



Securities Sold Under Agreements to Repurchase	2017			2016			2015
(dollar amounts in thousands)
Total outstanding at December 31	$	75,177		$	69,062		$	136,513

Maximum month-end balance	80,326			125,063			146,397
Average balance during the year	64,888			99,622			137,917
Weighted average rate at December 31	0.23		%	0.88		%	1.90		%
Average interest rate paid during the year	0.36		%	2.24		%	1.96		%
Federal Funds Purchased
Average balance during the year	0			0			0
Weighted average rate at December 31	N/A			N/A			N/A
Average interest rate paid during the year	0.00		%	0.00		%	0.00		%

Securities sold under agreements to repurchase (“repurchase agreements”) are secured borrowings that typically mature within thirty to ninety days, although the Company has entered into repurchase agreements with the Federal Home Loan Bank (“FHLB”) with longer maturities. The Company uses both retail and wholesale repurchase agreements. Retail repurchase agreements are arrangements with local customers of the Company, in which the Company agrees to sell securities to the customer with an agreement to repurchase those securities at a specified later date. Retail repurchase agreements totaled $75.2 million, at December 31, 2017. The Company had no outstanding wholesale repurchase agreements, at December 31, 2017.

Securities sold under agreements to repurchase are stated at the amount of cash received in connection with the transaction. The Company may be required to provide additional collateral based on the fair value of the underlying securities.

Federal funds purchased are short-term borrowings that typically mature within one to ninety days.