Borrowed Funds

Borrowed funds consist of advances from the FHLB and securities sold under agreements to repurchase with municipal and commercial customers. Pursuant to collateral agreements, FHLB advances are collateralized by all stock in FHLB, qualifying first mortgage loans, U.S. Government and Agency securities not pledged to others, and funds on deposit with FHLB. All FHLB advances as of December 31, 2015, had fixed rates of interest until their respective maturity dates. Securities sold under agreements to repurchase include U.S. agencies securities and other securities. Repurchase agreements have maturity dates ranging from one to 365 days. The Bank also has in place $48,000,000 in credit lines with correspondent banks and a credit facility of $141,000,000 with the Federal Reserve Bank of Boston using commercial and home equity loans as collateral which are currently not in use.

Borrowed funds at December 31, 2015 and 2014 have the following range of interest rates and maturity dates:



As of December 31, 2015
Federal Home Loan Bank Advances
2016	0.41% - 2.44%	$	135,220,000
2017	0.99% - 3.69%	30,000,000
2018	2.25% - 3.25%	30,000,000
2019	0.00%	—
2020	1.60% - 1.97%	55,000,000
2021 and thereafter	0.00%	134,000
		250,354,000
Repurchase agreements
Municipal and commercial customers	0.20% - 1.89%	87,103,000
		$	337,457,000



As of December 31, 2014
Federal Home Loan Bank Advances
2015	0.22% - 2.98%	$	115,050,000
2016	2.36% - 2.44%	30,000,000
2017	0.99% - 3.69%	30,000,000
2018	2.25% - 3.25%	30,000,000
2019	0.00%	—
2020 and thereafter	0.00%	141,000
		205,191,000
Repurchase agreements
Municipal and commercial customers	0.20% - 1.89%	74,725,000
		$	279,916,000