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SHORT-TERM BORROWINGS
 12 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
SHORT-TERM BORROWINGS
SHORT-TERM BORROWINGS
The Company has several short-term borrowings available to it, including short-term borrowings from the FHLB, federal funds purchased, and the FRB discount window.
Information concerning the use of these short-term borrowings as of and for the years ended December 31, is summarized as follows:
 
(Dollars in thousands)
2015
 
2014
 
2013
 
 
 
 
 
 
Balance at year end
$
60,000

 
$
65,000

 
$
50,000

Weighted average interest rate at year-end
0.53
%
 
0.36
%
 
0.28
%
Average balance during the year
$
55,106

 
$
32,736

 
$
10,540

Average interest rate during the year
0.43
%
 
0.34
%
 
0.31
%
Maximum month-end balance during the year
$
83,500

 
$
65,000

 
$
50,000


In addition, the Company has repurchase agreements with certain of its deposit customers. The Company is required to hold U.S. Treasury, or U.S. Agency, or U.S. Government Sponsored Enterprise securities to be held as underlying securities for Repurchase Agreements. Information concerning securities sold under agreements to repurchase for the years ended December 31 is summarized as follows:
 
(Dollars in thousands)
2015
 
2014
 
2013
 
 
 
 
 
 
Balance at year end
$
29,156

 
$
21,742

 
$
9,032

Weighted average interest rate at year-end
0.20
%
 
0.20
%
 
0.20
%
Average balance during the year
$
30,156

 
$
19,186

 
$
13,772

Average interest rate during the year
0.20
%
 
0.20
%
 
0.20
%
Maximum month-end balance during the year
$
37,558

 
$
32,861

 
$
19,105

Fair value of securities underlying the agreements at year-end
35,470

 
38,337

 
52,024


Federal funds purchased and securities sold under agreements to repurchase generally mature within one day from the transaction date.