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Short-Term Borrowings
 12 Months Ended
Dec. 31, 2016
Short-Term Borrowings [Abstract]  
Short-Term Borrowings

8.SHORT-TERM BORROWINGS

The components of short-term borrowings are summarized as follows:





 

 

 

 

 



 

As of December 31,

(dollars in thousands)

 

2016

 

 

2015



 

 

 

 

 

Overnight borrowings

$

 -

 

$

 22,289 

Securities sold under repurchase agreements

 

 4,223 

 

 

 5,915 

Total

$

 4,223 

 

$

 28,204 



 

 

 

 

 



The maximum and average amounts of short-term borrowings outstanding and related interest rates as of the periods indicated are as follows:





 

 

 

 

 

 

 

 

 

 



Maximum

 

 

 

 

Weighted-

 

 



outstanding

 

 

 

 

average

 

 



at any

 

Average

 

rate during

Rate at

(dollars in thousands)

month end

 

outstanding

 

the year

year-end

December 31, 2016

 

 

 

 

 

 

 

 

 

 

Overnight borrowings

$

 17,862 

 

$

 2,805 

 

 0.65 

%

 -

%

Repurchase agreements

 

 18,765 

 

 

 10,239 

 

 0.19 

 

 0.13 

 



 

 

 

 

 

 

 

 

 

 

Total

$

 36,627 

 

$

 13,044 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

December 31, 2015

 

 

 

 

 

 

 

 

 

 

Overnight borrowings

$

 27,236 

 

$

 4,823 

 

 0.39 

%

 0.48 

%

Repurchase agreements

 

 20,684 

 

 

 10,268 

 

 0.17 

 

 0.15 

 



 

 

 

 

 

 

 

 

 

 

Total

$

 47,920 

 

$

 15,091 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

December 31, 2014

 

 

 

 

 

 

 

 

 

 

Overnight borrowings

$

 13,694 

 

$

 2,628 

 

 0.31 

%

 -

%

Repurchase agreements

 

 22,972 

 

 

 11,349 

 

 0.18 

 

 0.15 

 

Total

$

 36,666 

 

$

 13,977 

 

 

 

 

 



Overnight borrowings may include Fed funds purchased from correspondent banks, open repurchase agreements with the FHLB and borrowings at the Discount Window from the Federal Reserve Bank of Philadelphia (FRB).  Securities sold under agreements to repurchase, or repurchase agreements, are non-insured interest-bearing liabilities that have a perfected security interest in qualified investment securities of the Company.  Repurchase agreements are reflected at the amount of cash received in connection with the transaction.  The carrying value of the underlying qualified investment securities was approximately $10.1 million and $14.2 million at December 31, 2016 and 2015, respectively. The Company may be required to provide additional collateral based on the balance of the repurchase agreement and the fair value of the underlying securities.

At December 31, 2016, the Company had approximately $194.3 million available to borrow from the FHLB, $21.0 million from correspondent banks and approximately $40.9 million that it could borrow at the FRB.