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Borrowings
6 Months Ended
Jun. 30, 2017
Disclosure of Repurchase Agreements [Abstract]  
Borrowings

Note 7 Borrowings

 

As of June 30, 2017 and December 31, 2016, the Company sold securities under agreements to repurchase totaling $119.2 million and $92.0 million, respectively, and none were for periods longer than one day. The Company pledged mortgage-backed securities with a fair value of approximately $123.4 million and $99.1 million as of June 30, 2017 and December 31, 2016, respectively, for these agreements. The Company monitors collateral levels on a continuous basis and may be required to provide additional collateral based on the fair value of the underlying securities. As of June 30, 2017 and December 31, 2016, the Company had $4.2 million and $7.0 million of excess collateral pledged for repurchase agreements. The repurchase agreements are subject to a master netting arrangement; however, the Company has not offset any of the amounts presented in the consolidated financial statements.

 

As a member of the FHLB, the Bank has access to a line of credit and term financing from the FHLB with total available credit of $763.6 million at June 30, 2017. At June 30, 2017 and December 31, 2016, the Bank had $129.1 million and $25.0 million in term advances from the FHLB, respectively. The term advances have fixed interest rates of 1.31% - 2.33%, with maturity dates of 2018 - 2020. The Bank had investment securities pledged as collateral for FHLB advances in the amount of $26.1 million at June 30, 2017 and $28.8 million at December 31, 2016. Interest expense related to FHLB advances totaled $496 thousand and $693 thousand for the three and six months ended June 30, 2017, respectively, and $166 thousand and $332 thousand for the three and six months ended June 30, 2016, respectively.