Short-Term Borrowings

6 Months Ended

Jun. 30, 2015

9.	SHORT-TERM BORROWINGS

Short-term borrowings consist of federal funds purchased and securities sold under repurchase agreements. Federal funds purchased generally mature within one to four days. There were no federal funds purchased outstanding as of June 30, 2015 or December 31, 2014.

Securities sold under repurchase agreements, which are secured borrowings, generally are reflected at the amount of cash received in connection with the transaction. The Company may be required to provide additional collateral based on the fair value of the underlying securities. The Company monitors the fair value of the underlying securities on a daily basis. Securities sold under repurchase agreements as of June 30, 2015 and December 31, 2014 totaled $1.0 million and $0.4 million, respectively.

As of both June 30, 2015 and December 31, 2014, the Bank had $18.8 million in remaining federal funds lines available from correspondent banks.