9. SHORT-TERM BORROWINGS

Short-term borrowings, which consist of federal funds purchased and other short-term borrowings are summarized as follows:


	AT DECEMBER 31, 2015
	FEDERAL FUNDS PURCHASED		SHORT-TERM BORROWINGS
	(IN THOUSANDS, EXCEPT RATES)
Balance	$	—	$	48,748
Maximum indebtedness at any month end		—		65,071
Average balance during year		—		24,582
Average rate paid for the year		—		0.35	%
Interest rate on year-end balance		—		0.43


	AT DECEMBER 31, 2014
	FEDERAL FUNDS PURCHASED		SHORT-TERM BORROWINGS
	(IN THOUSANDS, EXCEPT RATES)
Balance	$	—	$	38,880
Maximum indebtedness at any month end		—		47,762
Average balance during year		—		18,783
Average rate paid for the year		—		0.29	%
Interest rate on year-end balance		—		0.27


	AT DECEMBER 31, 2013
	FEDERAL FUNDS PURCHASED			OTHER SHORT-TERM BORROWINGS
	(IN THOUSANDS, EXCEPT RATES)
Balance	$	—		$	41,555
Maximum indebtedness at any month end		—			41,555
Average balance during year		959			16,482
Average rate paid for the year		0.34	%		0.26	%
Interest rate on year-end balance		—			0.25

Average amounts outstanding during the year represent daily averages. Average interest rates represent interest expense divided by the related average balances.

These borrowing transactions can range from overnight to one year in maturity. The average maturity was three days at the end of 2015, and one day for 2014 and 2013.