Federal Funds Purchased and Securities Sold Under Agreements to Repurchase

12 Months Ended

Dec. 31, 2015

Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract]

Short-term Debt [Text Block]

FEDERAL FUNDS PURCHASED AND SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

	Federal Funds Purchased			Securities Sold  Under Agreement to Repurchase
	(In thousands)
2015
Outstanding at end of year	$	—		$	58,215
Maximum outstanding at any month-end	102,000			75,313
Average balance for the year	10,008			64,320
Weighted average rate at end of year	—		%	0.05		%
Weighted average rate paid for the year	0.31		%	0.05		%
2014
Outstanding at end of year	$	—		$	30,496
Maximum outstanding at any month-end	75,000			154,448
Average balance for the year	1,671			108,191
Weighted average rate at end of year	—		%	0.05		%
Weighted average rate paid for the year	0.33		%	0.05		%
2013
Outstanding at end of year	$	—		$	102,353
Maximum outstanding at any month-end	90,000			125,971
Average balance for the year	4,732			102,643
Weighted average rate at end of year	—		%	0.05		%
Weighted average rate paid for the year	0.30		%	0.36		%

The federal funds purchased generally mature within 30 days of the transaction date.

Repurchase agreements are generally linked to commercial demand deposit accounts with an overnight sweep feature. In a repurchase agreement transaction, the Bank will generally sell an investment security, agreeing to repurchase either the same or a substantially identical security on a specified later date at a price slightly greater than the original sales price. The difference in the sale price and repurchase price is the cost of the use of the proceeds, or interest expense. Repurchase transactions are accounted for as financing arrangements rather than as sales of such securities, and the obligation to repurchase such securities is reflected as a liability in the Company’s consolidated balance sheets. The securities underlying the agreements remain under the Company’s control. Investment securities with a fair value of $187.4 million and $205.9 million were pledged as collateral for the securities sold under agreements to repurchase at December 31, 2015 and 2014, respectively.

As of December 31, 2015 and 2014, the Bank had unused federal funds lines with correspondent banks of $565.0 million and $171.0 million, respectively.