XML 76 R62.htm IDEA: XBRL DOCUMENT v3.7.0.1
BORROWED FUNDS AND REPURCHASE AGREEMENTS, Collateral Pledged on the Repurchase Agreements by Contractual Maturity (Details) - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2008
Dec. 31, 2003
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]        
Total carrying value of collateral pledged $ 18,177,000 $ 20,193,000    
Total liability recognized for repurchase agreements 14,307,000 16,008,000    
Debt Instrument [Line Items]        
Borrowed funds 79,662,000 41,631,000    
U.S. Agency Securities [Member]        
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]        
Total carrying value of collateral pledged 18,177,000 20,193,000    
Overnight and Continuous [Member]        
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]        
Total carrying value of collateral pledged 16,118,000 18,144,000    
Overnight and Continuous [Member] | U.S. Agency Securities [Member]        
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]        
Total carrying value of collateral pledged 16,118,000 18,144,000    
Up to 30 Days [Member]        
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]        
Total carrying value of collateral pledged 0 0    
Up to 30 Days [Member] | U.S. Agency Securities [Member]        
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]        
Total carrying value of collateral pledged 0 0    
30 - 90 Days [Member]        
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]        
Total carrying value of collateral pledged 0 0    
30 - 90 Days [Member] | U.S. Agency Securities [Member]        
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]        
Total carrying value of collateral pledged 0 0    
Greater than 90 Days [Member]        
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]        
Total carrying value of collateral pledged 2,059,000 2,049,000    
Greater than 90 Days [Member] | U.S. Agency Securities [Member]        
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]        
Total carrying value of collateral pledged 2,059,000 2,049,000    
Securities Sold Under Agreements to Repurchase [Member]        
Debt Instrument [Line Items]        
Borrowed funds [1] 14,307,000 16,008,000    
FHLB Advances [Member]        
Debt Instrument [Line Items]        
Maximum borrowing limit 343,209,000      
Borrowed funds [2] 41,330,000 1,598,000    
Federal Funds Line [Member]        
Debt Instrument [Line Items]        
Maximum borrowing limit 10,000,000      
Borrowed funds [3] 0 0    
FRB BIC Line [Member]        
Debt Instrument [Line Items]        
Maximum borrowing limit 4,360,000 7,949,000    
Carrying value of securities pledged as collateral 15,560,000 16,146,000    
Borrowed funds [4] 0 0    
Notes Payable [Member]        
Debt Instrument [Line Items]        
Face amount of debt $ 7,500,000      
Variable rate basis 3 month LIBOR      
Basis spread on variable rate 2.80%      
Notional amount of derivative liability     $ 7,500,000  
Unamortized debt issuance costs       $ 75,000
Borrowed funds [5] $ 7,500,000 7,500,000    
Term Loans [Member]        
Debt Instrument [Line Items]        
Borrowed funds [6] $ 16,525,000 16,525,000    
Term Loans [Member] | October 2, 2017 [Member]        
Debt Instrument [Line Items]        
Stated interest rate 2.29%      
Maturity date Oct. 02, 2017      
Borrowed funds $ 2,000,000 2,000,000    
Term Loans [Member] | July 12, 2018 [Member]        
Debt Instrument [Line Items]        
Stated interest rate 2.72%      
Maturity date Jul. 12, 2018      
Borrowed funds $ 1,000,000 1,000,000    
Term Loans [Member] | February 4, 2019 [Member]        
Debt Instrument [Line Items]        
Stated interest rate 1.87%      
Maturity date Feb. 04, 2019      
Borrowed funds $ 2,000,000 2,000,000    
Term Loans [Member] | February 3, 2021 [Member]        
Debt Instrument [Line Items]        
Stated interest rate 2.61%      
Maturity date Feb. 03, 2021      
Borrowed funds $ 2,000,000 2,000,000    
Term Loans [Member] | July 12, 2021 [Member]        
Debt Instrument [Line Items]        
Stated interest rate 3.52%      
Maturity date Jul. 12, 2021      
Borrowed funds $ 2,000,000 2,000,000    
Term Loans [Member] | August 20, 2021 [Member]        
Debt Instrument [Line Items]        
Stated interest rate 2.37%      
Maturity date Aug. 20, 2021      
Borrowed funds $ 2,800,000 2,800,000    
Term Loans [Member] | January 6, 2022 [Member]        
Debt Instrument [Line Items]        
Stated interest rate 2.08%      
Maturity date Jan. 06, 2022      
Borrowed funds $ 4,725,000 $ 4,725,000    
[1] We utilize securities sold under agreements to repurchase to facilitate the needs of our customers and to facilitate secured short-term funding needs. Securities sold under agreements to repurchase are stated at the amount of cash received in connection with the transaction. We monitor collateral levels on a continuous basis. We may be required to provide additional collateral based on the fair value of the underlying securities. Securities pledged as collateral under repurchase agreements are maintained with our safekeeping agents. The collateral pledged on the repurchase agreements by the remaining contractual maturity of the repurchase agreements in the Consolidated Balance Sheets as of December 31, 2016 and December 31, 2015 is presented in the following tables.
[2] FHLB Advances consist of an "Open RepoPlus" agreement with the FHLB of Pittsburgh. FHLB "Open RepoPlus" advances are short-term borrowings that bear interest based on the FHLB discount rate or Federal Funds rate, whichever is higher. The Company has a borrowing limit of $343,209,000, inclusive of any outstanding advances. FHLB advances are secured by a blanket security agreement that includes the Company's FHLB stock, as well as certain investment and mortgage-backed securities held in safekeeping at the FHLB and certain residential and commercial mortgage loans.
[3] The federal funds line consists of an unsecured line from a third party bank at market rates. The Company has a borrowing limit of $10,000,000, inclusive of any outstanding balances. No specific collateral is required to be pledged for these borrowings.
[4] The Federal Reserve Bank Borrower in Custody (FRB BIC) Line consists of a borrower in custody in agreement open in January 2010 with the Federal Reserve Bank of Philadelphia secured by municipal loans maintained in the Company's possession. As of December 31, 2016 and 2015, the Company has a borrowing limit of $4,360,000 and $7,949,000, respectively, inclusive of any outstanding advances. The approximate carrying value of the municipal loan collateral was $15,560,000 and $16,146,000 as of December 31, 2016 and 2015, respectively.
[5] In December 2003, the Company formed a special purpose entity ("Entity") to issue $7,500,000 of floating rate obligated mandatory redeemable trust preferred securities as part of a pooled offering. The rate was determined quarterly and floated based on the 3 month LIBOR plus 2.80. The Entity may redeem them, in whole or in part, at face value after December 17, 2008, and on a quarterly basis thereafter. The Company borrowed the proceeds of the issuance from the Entity in December 2003 in the form of a $7,500,000 note payable. Debt issue costs of $75,000 have been capitalized and fully amortized as of December 31, 2008. Under current accounting rules, the Company's minority interest in the Entity was recorded at the initial investment amount and is included in the other assets section of the balance sheet. The Entity is not consolidated as part of the Company's consolidated financial statements.
[6] (f) Term Loans consist of separate loans with the FHLB of Pittsburgh as follows (in thousands): December 31, December 31, Interest Rate Maturity 2015 2014 Fixed: 2.29% October 2, 2017 2,000 2,000 2.72% July 12, 2018 1,000 1,000 1.87% February 4, 2019 2,000 2,000 2.61% February 3, 2021 2,000 2,000 3.52% July 12, 2021 2,000 2,000 2.37% August 20, 2021 2,800 2,800 2.08% January 6, 2022 4,725 4,725 Total term loans $ 16,525 $ 16,525