Short-Term Borrowings

12 Months Ended

Dec. 31, 2015

Note 11: Short-term Borrowings

The Company's short-term borrowings (i.e. with maturies of twelve months or less) consist of borrowings from the Federal Home Loan Bank (the "FHLB"), and securities sold under agreements to repurchase. The following table summarizes short-term borrowings at December 31, 2015 and 2014.


		2015				2014
			Weighted				Weighted
		Total	Average			Total	Average
		Principal	Rate			Principal	Rate

Federal Home Loan Bank Advances	$	313,000	0.54	%	$	293,800	0.45	%
Securities sold under agreements to repurchase		20,909	0.28	%		19,720	0.27	%
Total short-term borrowings	$	333,909			$	313,520

Federal Home Loan Bank Advances: Information concerning short-term Federal Home Loan Bank advances for 2015 and 2014 is summarized below:


		2015		2014

Average daily balance during the year	$	295,479	$	287,778
Maximum month-end balance during the year	$	342,000	$	363,900
Amount outstanding at end of year	$	313,000	$	293,800

All short-term FHLB advances are fixed-rate instruments. Pursuant to an agreement with the FHLB, advances are collateralized by stock in the FHLB, investment securities and a blanket lien on qualified collateral, consisting primarily of loans with first mortgages secured by one to four family properties, and other qualifying assets such as certain commercial real estate loans. All short-term advances are payable at their call date or final maturity.

Securities Sold Under Agreements to Repurchase: Securities sold under agreements to repurchase generally mature within one to four days from the transaction date. Information concerning securities sold under agreements to repurchase for 2015 and 2014 is summarized below:


		2015			2014

Average daily balance during the year	$	17,001		$	16,851
Average interest rate during the year		0.28	%		0.27	%
Maximum month-end balance during the year	$	21,239		$	21,021
Amount outstanding at end of year	$	20,909		$	19,720

Securities collateralizing repurchase agreements, which are held in safekeeping by nonaffiliated financial institutions and not under the Bank's control, were as follows at December 31:


		2015		2014

Carrying value	$	28,324	$	38,552
Estimated fair value	$	28,981	$	39,669