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Short-term Borrowings
 12 Months Ended
Dec. 31, 2015
Short-term Debt:  
Short-term Debt Text Block

NOTE 10: SHORT-TERM BORROWINGS

At December 31, 2015 and 2014, the composition of short-term borrowings is presented below.

20152014
WeightedWeighted
(Dollars in thousands)AmountAvg. RateAmountAvg. Rate
Federal funds purchased:
As of December 31$——$——
Average during the year160.90%160.90%
Maximum outstanding at
any month-end——
Securities sold under
agreements to repurchase:
As of December 31$2,9510.50%$4,6810.50%
Average during the year3,5850.50%3,7970.50%
Maximum outstanding at
any month-end4,8064,681

Federal funds purchased represent unsecured overnight borrowings from other financial institutions by the Bank. The Bank had available federal fund lines totaling $41.0 million with none outstanding at December 31, 2015.

Securities sold under agreements to repurchase represent short-term borrowings with maturities less than one year collateralized by a portion of the Company’s securities portfolio. Securities with an aggregate carrying value of $6.3 million and $6.7 million at December 31, 2015 and 2014, respectively, were pledged to secure securities sold under agreements to repurchase.