Short-Term Borrowings

12 Months Ended

Dec. 31, 2016

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, 2016 and 2015.


		2016				2015
			Weighted				Weighted
		Total	Average			Total	Average
		Principal	Rate			Principal	Rate

Federal Home Loan Bank Advances	$	372,700	0.97	%	$	313,000	0.54	%
Securities sold under agreements to repurchase		21,780	0.29			20,909	0.28
Total short-term borrowings	$	394,480			$	333,909

Federal Home Loan Bank Advances: Information concerning short-term Federal Home Loan Bank advances for 2016 and 2015 is summarized below:


		2016		2015

Average daily balance during the year	$	357,848	$	295,479
Maximum month-end balance during the year	$	410,050	$	342,000
Amount outstanding at end of year	$	372,700	$	313,000

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 liens 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 2016 and 2015 is summarized below:


		2016			2015

Average daily balance during the year	$	17,529		$	17,001
Average interest rate during the year		0.29	%		0.28	%
Maximum month-end balance during the year	$	21,780		$	21,239
Amount outstanding at end of year		21,780			20,909

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:

		2016		2015
Carrying value	$	28,206	$	28,324
Estimated fair value		28,130		28,981