Short-Term Borrowings

12 Months Ended

Dec. 31, 2015

(9) Short-Term Borrowings

In addition to the liquidity provided by balance sheet cash flows, liquidity must also be supplemented with additional sources such as credit lines from correspondent banks as well as borrowings from the FHLB and the Federal Reserve Bank. Other funding alternatives may also be appropriate from time to time, including wholesale and retail repurchase agreements and brokered CDs.

Short-term borrowings totaled $442.5 million and $316.8 million at December 31, 2015 and 2014, respectively, and consist of Federal funds purchased and securities sold under repurchase agreements, which generally represent overnight borrowing transactions, and other short-term borrowings, primarily FHLB advances, with original maturities of one year or less.

The Company has unused lines of credit with the FHLB and access to brokered deposits available for short-term financing of approximately $2.0 billion and $1.8 billion at December 31, 2015 and 2014, respectively. Borrowings on the FHLB lines are secured by FHLB stock, certain securities and one-to-four family first lien mortgage loans. Securities collateralizing repurchase agreements are held in safekeeping by nonaffiliated financial institutions and are under the Company's control.

Information related to short-term borrowings is summarized as follows:

(In thousands)	2015			2014			2013
Federal funds purchased
Balance at year-end	$	99,500		$	68,000		$	130,000
Average during the year		97,424			110,154			39,907
Maximum month end balance		159,000			183,000			130,000
Weighted average rate during the year		0.36	%		0.29	%		0.26	%
Weighted average rate at December 31		0.51	%		0.34	%		0.18	%

Securities sold under repurchase agreements
Balance at year-end	$	167,981		$	148,802		$	176,042
Average during the year		162,201			165,858			169,352
Maximum month end balance		178,326			182,861			185,871
Weighted average rate during the year		0.06	%		0.06	%		0.06	%
Weighted average rate at December 31		0.06	%		0.06	%		0.05	%

Other short-term borrowings
Balance at year-end	$	175,000		$	100,000		$	150,000
Average during the year		80,260			106,438			71,589
Maximum month end balance		175,000			320,000			210,000
Weighted average rate during the year		0.42	%		0.40	%		0.43	%
Weighted average rate at December 31		0.56	%		0.36	%		0.55	%

See Note 3 for additional information regarding securities pledged as collateral for securities sold under the repurchase agreements.