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Other Borrowed Funds
 12 Months Ended
Dec. 31, 2016
Other Borrowed Funds  
Other Borrowed Funds

(9) Other Borrowed Funds

Other borrowed funds include Federal Home Loan Bank borrowings, which are short and long‑term fixed borrowings issued by the Federal Home Loan Bank of Dallas at the market price offered at the time of funding. These borrowings are secured by mortgage‑backed investment securities and a portion of the Company’s loan portfolio. The increase in other borrowed funds is a result of purchases of available‑for‑sale securities.

Further information regarding the Company’s other borrowed funds at December 31, 2016 and 2015 is set forth in the following table:

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

 

2016

 

2015

 

 

 

(Dollars in Thousands)

 

Federal Home Loan Bank advances—short-term

    

 

    

    

 

    

 

Balance at year end

 

$
583,375

 

$
355,750

 

Rate on balance outstanding at year end

 

 
0.66

%  

 
0.37

%

Average daily balance

 

$
483,379

 

$
859,220

 

Average rate

 

 
0.47

%  

 
0.19

%

Maximum amount outstanding at any month end

 

$
600,875

 

$
1,239,200

 

Federal Home Loan Bank advances—long-term (1)

 

 

 

 

 

 

 

Balance at year end

 

$
150,000

 

$
150,000

 

Rate on balance outstanding at year end

 

 
0.58

%  

 
0.31

%

Average daily balance

 

$
150,000

 

$
5,314

 

Average rate

 

 
0.58

%  

 
0.31

%

Maximum amount outstanding at any month end

 

$
150,000

 

$
150,000

 

 

(1)

Long-term advances matured in January 2017.