OTHER BORROWINGS

12 Months Ended

Dec. 31, 2016

OTHER BORROWINGS

OTHER BORROWINGS

NOTE 11 — OTHER BORROWINGS

December 31	2016		2015
Other borrowings consisted of the following at year-end:
Securities sold under repurchase agreements	$	38,339	$	28,363
Short term FHLB advances		138,000		—
Term debt		18,333		—
Federal funds purchased		15,000		—
Total other borrowings	$	209,672	$	28,363

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, 2016 mature within 30 days.  At December 31, 2016, these agreements were secured by a pledged amount of $58,001 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.

Short term FHLB advances were obtained to help the Company with its short term funding needs.  The advances all mature in six months or less and have a current interest rate of 0.90%.  These advances are secured by real estate backed loans.

The term debt was obtained by the Company to help fund the Cheviot acquisition.  $30,000 was originally obtained and $11,667 was repaid in 2016.  The debt matures in 2019 and is secured by a negative pledge agreement on the Bank’s stock.  The current interest rate on this loan is 2.8125%

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

	2016			2015			2014
Average daily balance during the year	$	27,816		$	26,723		$	25,006
Average interest rate during the year		0.14	%		0.15	%		0.18	%
Maximum month-end balance during the year	$	40,778		$	34,439		$	32,203
Weighted average interest rate at year-end		0.18	%		0.15	%		0.14	%