Short-term borrowings

12 Months Ended

Dec. 31, 2015

11. Short-term borrowings:

Securities sold under agreements to repurchase and FHLB advances generally represent overnight or less than 30-day borrowings. Short-term borrowings consisted of the following at December 31, 2015 and 2014:


	At and for the year ended December 31, 2015
							Weighted		Weighted
					Maximum		Average		Average
	Ending		Average		Month-End		Rate for		Rate at End
	Balance		Balance		Balance		the Year		of the Year
Repurchase agreements			$	22			1.11	%
FHLB advances	$	38,325		13,458	$	54,425	0.39		0.43	%
	$	38,325	$	13,480	$	54,425	0.39	%	0.43	%


	At and for the year ended December 31, 2014
							Weighted		Weighted
					Maximum		Average		Average
	Ending		Average		Month-End		Rate for		Rate at End
	Balance		Balance		Balance		the Year		of the Year
Repurchase agreements	$	682	$	12,729	$	22,840	0.53	%	0.38	%
FHLB advances		18,875		2,142		18,875	0.25		0.28
	$	19,557	$	14,871	$	41,715	0.48	%	0.28	%

Peoples Bank has an agreement with the FHLB which allows for borrowings up to its maximum borrowing capacity based on a percentage of qualifying collateral assets. At December 31, 2015, Peoples Bank’s maximum borrowing capacity was $529,088 of which $98,679 was outstanding in borrowings. Advances with the FHLB are secured under terms of a blanket collateral agreement by a pledge of FHLB stock and certain other qualifying collateral, such as investments and mortgage-backed securities and mortgage loans. Interest accrues daily on the FHLB advances based on rates of the FHLB discount notes. This rate resets each day.

Securities sold under repurchase agreements are retained under Peoples Bank’s control at its safekeeping agent. The Bank may be required to provide additional collateral based on the fair value of the underlying securities.