Note 10 - Securities Sold Under Agreements to Repurchase and Other Short-term Borrowings

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Securities Sold Under Agreements To Repurchase [Text Block]

(10)

Securities Sold Under Agreements to Repurchase and Other Short-Term Borrowings

Securities sold under agreements to repurchase are a funding source of Bancorp and are primarily used by commercial customers in conjunction with collateralized corporate cash management accounts. Such repurchase agreements are considered financing agreements and mature within

one

business day from the transaction date. At

December

31,

2016,

all of these financing arrangements had overnight maturities and were secured by government sponsored enterprise obligations and government agency mortgage-backed securities which were owned and controlled by Bancorp.

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

(Dollars in thousands)	2016			2015
Average balance during the year	$	62,670		$	65,140
Average interest rate during the year		0.22	%		0.23	%
Maximum month-end balance during the year	$	72,029		$	82,467