Securities Sold Under Agreements to Repurchase

9 Months Ended

Sep. 30, 2015

Securities Sold Under Agreements to Repurchase

Securities Sold Under Agreements to Repurchase

Note 7: Securities Sold Under Agreements to Repurchase

Securities sold under agreements to repurchase, which are classified as secured borrowings, generally mature either daily or within one year from the transaction date.  Securities sold under agreements to repurchase are reflected at the amount of cash received in connection with the transaction.  The underlying securities are held by the Company’s safekeeping agent.  The Company may be required to provide additional collateral based on the fair value of the underlying securities.  The following table sets forth the distribution of securities sold under agreements to repurchase and weighted average interest rates:

	September 30, 2015			December 31, 2014
	(dollars in thousands)
Balance at end of period	$	176,961		$	198,893
Weighted average interest rate at end of period	0.11		%	0.14		%
Maximum outstanding at any month end in year-to-date period	$	191,531		$	198,893
Average daily balance for the year-to-date period	$	177,937		$	148,452
Weighted average interest rate during period (1)	0.10		%	0.12		%

(1)The weighted average interest rate is computed by dividing total annualized interest for the year-to-date period by the average daily balance outstanding.