Note 11 - Securities Sold Under Agreement to Repurchase

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Short-term Debt [Text Block]

11. SECURITIES SOLD UNDER AGREEMENT TO REPURCHASE

Securities sold under agreements to repurchase totaled

$19.1

million and

$12.1

million at

December

31,

2016

and

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 consolidated statements of financial condition 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 as of

December

31,

2016

and

2015

consisted of the following (in thousands):

	December 31, 2016
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater than 90 days		Total
Securities sold under agreements to repurchase:
Municipal securities	$	3,318	$	--	$	--	$	--	$	3,318
Residential mortgage-backed securities		15,796		--		--		--		15,796
Total	$	19,114	$	--	$	--	$	--	$	19,114

	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

December

31,

2016,

the Company and the Bank had unused credit lines allowing contingent access to overnight borrowings of up to

$103.0

million on an unsecured basis.