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OTHER BORROWINGS
 12 Months Ended
Dec. 31, 2015
OTHER BORROWINGS  
OTHER BORROWINGS

NOTE 11 — OTHER BORROWINGS

 

 

 

 

 

 

 

 

December 31

    

2015

    

2014

 

Other borrowings consisted of the following at year-end:

 

 

 

 

 

 

 

Securities sold under repurchase agreements

 

$
28,363

 

$
18,349

 

Federal funds purchased

 

 

 —

 

 
8,000

 

Total other borrowings

 

$
28,363

 

$
26,349

 

 

 

Securities sold under repurchase agreements (“agreements”) consist of obligations secured by securities issued by government‑sponsored entities, and a safekeeping agent holds such collateral. The majority of the agreements at December 31, 2015 mature within 30 days.    At December 31, 2015, these agreements were secured by a pledged amount of $48,662 of mortgage backed securities.  Management monitors the fair value of the securities on a regular basis.  If the fair value of the securities declined to an amount approximating these agreements, more securities would be pledged.

 

Information concerning securities sold under agreements to repurchase is summarized as follows:

 

 

 

 

 

 

 

 

 

 

 

 

    

2015

    

2014

    

2013

 

Average daily balance during the year

 

$
26,723

 

$
25,006

 

$
29,132

 

Average interest rate during the year

 

 
0.15

%  

 
0.18

%  

 
0.17

%

Maximum month-end balance during the year

 

$
34,439

 

$
32,203

 

$
31,479

 

Weighted average interest rate at year-end

 

 
0.15

%  

 
0.14

%  

 
0.18

%