Note 13 – Borrowed Funds

The following is a summary of short-term borrowings with original maturities of less than one year:


(Dollars in thousands)	Three months ended March 31, 2016		Year ended December 31, 2015
Securities sold under agreements to repurchase:
Outstanding at end of period	$	29,554	$	35,828
Weighted average interest rate at end of period		0.17%		0.16%
Maximum amount outstanding as of any month end	$	29,554	$	47,131
Average amount outstanding	$	30,426	$	35,908
Approximate weighted average rate during the period		0.17%		0.16%

At March 31, 2016, the repurchase agreements were secured by $52.2 million in investment securities issued by government related agencies. A minimum of 102% of fair value is pledged against account balances.

The following is a summary of long-term borrowings with original maturities exceeding one year:


	March 31,		December 31,
(in thousands)	2016		2015
FHLB advances, bearing fixed interest at rates ranging from 1.34% to 3.69% at March 31, 2016	$	105,789	$	105,807
Junior subordinated debt, bearing variable interest rate of 3.39% at March 31, 2016		30,929		30,929
Junior subordinated debt, bearing fixed interest rate of 9.88% at March 31, 2016		10,801		10,801
Total long-term debt	$	147,519	$	147,537

At March 31, 2016, the long-term FHLB advances were secured by $240.5 million in loans.

The contractual maturities of all long-term borrowings are as follows:


	March 31, 2016						December 31, 2015
(in thousands)	Fixed Rate		Floating Rate		Total		Total
Due in 2016		0		0		0		0
Due in 2017		0		0		0		0
Due in 2018		20,000		0		20,000		20,000
Due in 2019		20,000		0		20,000		0
Due in 2020		30,000		0		30,000		30,000
Thereafter		46,590		30,929		77,519		97,537
Total long-term debt	$	116,590	$	30,929	$	147,519	$	147,537