OTHER BORROWINGS

12 Months Ended

Dec. 31, 2017

NOTE 11 — OTHER BORROWINGS


December 31	2017		2016
Other borrowings consisted of the following at year-end:
Securities sold under repurchase agreements	$	43,062	$	38,339
Short term FHLB advances		130,000		138,000
Term debt		11,667		18,333
Federal funds purchased		923		15,000
Total other borrowings	$	185,652	$	209,672

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, 2017 mature within 30 days. At December 31, 2017, these agreements were secured by a pledged amount of $58,110 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 1.67%. 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 $6,666 and $11,667 was repaid in 2017 and 2016 respectively. 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 3.50%.

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


	2017			2016			2015
Average daily balance during the year	$	40,717		$	27,816		$	26,723
Average interest rate during the year		0.19	%		0.14	%		0.15	%
Maximum month-end balance during the year	$	47,090		$	40,778		$	34,439
Weighted average interest rate at year-end		0.16	%		0.18	%		0.15	%