Short Term and Long Term Borrowings

12 Months Ended

Dec. 31, 2016

Short Term and Long Term Borrowings [Abstract]

NOTE 9, Short Term and Long Term Borrowings

The Company's short-term borrowing sources include federal funds purchased and overnight repurchase agreements. The Company had no federal funds purchased on December 31, 2016 or 2015. At December 31, 2016, the Company had $55.0 million available in federal funds lines of credit to address any short-term borrowing needs.

Overnight repurchase agreements, which totaled $18.7 million and $26.0 million as of December 31, 2016 and 2015, respectively, are classified as secured borrowings that generally mature within one to four days from the transaction date. Securities sold under agreements to repurchase are reflected at the amount of cash received in connection with the transaction. The Company may be required to provide additional collateral based on the fair value of the underlying securities.

As of December 31, 2016, four customer relationships exceeded 5 percent of total repurchase agreements, with a combined outstanding balance of $15.7 million, or 83.83% of total repurchase agreements.

The Company has a line of credit with the FHLB enabling it to borrow up to 30% of total assets, or $270.0 million as of December 31, 2016. FHLB advances are secured by a blanket lien on qualified 1 – 4 family residential real estate loans. These pledged loans totaled $90.3 million at December 31, 2016.

At December 31, 2016, the Company had no long-term FHLB advances outstanding.

Long-term debt as of December 31, 2015 was as follows:


	Fixed				Weighted
	Rate		Total		Avg Rate
	(in thousands)
Due in 2016	$	25,000	$	25,000		4.83	%
Total long-term debt	$	25,000	$	25,000		4.83	%