Securities Sold under Agreements to Repurchase

12 Months Ended

Dec. 31, 2013

Banking And Thrift [Abstract]

Securities Sold under Agreements to Repurchase

NOTE 13. SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

The following table presents information regarding securities sold under agreements to repurchase at December 31, 2013 and 2012:

(Dollars in thousands)	Repurchase Amount		Weighted Average Interest Rate			Carrying Value of Underlying Assets		Market Value of Underlying Assets
December 31, 2013	$	0		0	%	$	0	$	0
December 31, 2012	$	13,095		0.15	%	$	17,390	$	17,390

The securities underlying agreements to repurchase entered into by the Bank are for the same securities originally sold, with a one-day maturity. In all cases, the Bank maintains control over the securities. Securities sold under agreements to repurchase averaged approximately $5.8 million and $14.2 million for the years ended December 31, 2013 and 2012, respectively. The maximum amount outstanding at any month end for the years ended December 31, 2013 and 2012 were $15.6 million and $16.3 million, respectively. Agency mortgage backed securities and agency notes are pledged as collateral in an amount equal to, or greater than the repurchase agreements. During 2013, the bank discontinued the use of the program.