Securities Sold Under Repurchase Agreements

12 Months Ended

Dec. 31, 2014

Securities Sold Under Repurchase Agreements

NOTE 11. SECURITIES SOLD UNDER REPURCHASE AGREEMENTS

Securities sold under repurchase agreements, which are secured borrowings, generally mature within one to four days from the transaction date. Securities sold under repurchase agreements are reflected at the amount of cash received in connection with the transactions. The Company may be required to provide additional collateral based on the fair value of the underlying securities. The Company monitors the fair value of the underlying securities on a daily basis. Securities sold under repurchase agreements at December 31, 2014 and 2013 were $73.3 million and $83.5 million, respectively.

The following is a summary of securities sold under repurchase agreements for the years ended December 31, 2014, 2013 and 2012:


	As of and For the Years Ended December 31,
	2014		2013		2012
	(Dollars in Thousands)
Average daily balance during the year	$	47,136	$	26,908	$	26,563
Average interest rate during the year		0.35%		0.54%		0.58%
Maximum month-end balance during the year	$	73,310	$	83,516	$	50,120
Weighted average interest rate at year-end		0.31%		0.57%		0.44%