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Note 10: Short-term Borrowings | 12 Months Ended
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Dec. 31, 2015
Notes |
Note 10: Short-term Borrowings | Note 10: Short-Term Borrowings Short-term borrowings at December 31, 2015 and 2014, are summarized as follows:
| 2015 |  | 2014
(In Thousands) |  |  |
Notes payable – Community Development |  |  |
Equity Funds | $1,295 |  | $1,451
Overnight borrowings from the Federal Home Loan Bank | -- |  | 41,000
Securities sold under reverse repurchase agreements | 116,182 |  | 168,993
| $117,477 |  | $211,444
The Bank enters into sales of securities under agreements to repurchase (reverse repurchase agreements). Reverse repurchase agreements are treated as financings, and the obligations to repurchase securities sold are reflected as a liability in the statements of financial condition. The dollar amount of securities underlying the agreements remains in the asset accounts. Securities underlying the agreements are being held by the Bank during the agreement period. All agreements are written on a term of one-month or less. Short-term borrowings had weighted average interest rates of 0.04% and 0.08% at December 31, 2015 and 2014, respectively. Short-term borrowings averaged approximately $192.1 million and $165.2 million for the years ended December 31, 2015 and 2014, respectively. The maximum amounts outstanding at any month end were $219.5 million and $211.4 million, respectively, during those same periods. The following table represents the Company’s securities sold under reverse repurchase agreements, by collateral type and remaining contractual maturity.
| 2015 |  | 2014
| Overnight and |  | Overnight and
| Continuous |  | Continuous
(In Thousands) |  |  |
FHLBank CD | $-- |  | $10,000
Mortgage-backed securities – GNMA, FNMA, FHLMC | 161,182 |  | 158,993
| $161,182 |  | $168,993

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