Note 10 - Short Term Borrowings

6 Months Ended

Jun. 30, 2016

Notes to Financial Statements

Short-term Debt [Text Block]

10. SHORT TERM BORROWINGS

Short term borrowings consisted of repurchase agreements with customers totaling $15.0 million and $12.1 million at June 30, 2016 and December 31, 2015, respectively. Securities sold under repurchase agreements generally have maturities of one day and are recorded based on the amount of cash received in connection with the borrowing. Securities pledged as collateral under repurchase agreements are included in investment securities on the Condensed Consolidated Balance Sheets and are disclosed in Note 4. The fair value of the collateral pledged to a third party is monitored and additional collateral is pledged or returned, as deemed appropriate.

The remaining contractual maturity of securities sold under agreements to repurchase in the consolidated balance sheets as of June 30, 2016 and December 31, 2015 consisted of the following (in thousands):

	June 30, 2016
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater than 90 days		Total
Securities sold under agreements to repurchase:
U.S. Treasuries and government agencies	$	8,351	$	--	$	--	$	--	$	8,351
Residential mortgage-backed securities		6,613		--		--		--		6,613
Total	$	14,964	$	--	$	--	$	--	$	14,964

	December 31, 2015
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater than 90 days		Total
Securities sold under agreements to repurchase:
U.S. Treasuries and government agencies	$	9,072	$	--	$	--	$	--	$	9,072
Residential mortgage-backed securities		3,003		--		--		--		3,003
Total	$	12,075	$	--	$	--	$	--	$	12,075

At June 30, 2016, the Company and the Bank had unused credit lines allowing contingent access to overnight borrowings of up to $78.0 million on an unsecured basis.