Borrowings (Tables)

6 Months Ended

Jun. 30, 2017

Borrowings

Schedule of distribution of securities sold under agreements to repurchase and short-term borrowings and weighted average interest rates

The following table sets forth the distribution of securities sold under agreements to repurchase and short-term borrowings and weighted average interest rates (dollars in thousands):

	June 30, 2017			December 31, 2016
Securities sold under agreements to repurchase
Balance at end of period	$	178,597		$	189,157
Weighted average interest rate at end of period	0.55		%	0.30		%
Maximum outstanding at any month end in year-to-date period	$	194,191		$	216,293
Average daily balance for the year-to-date period	$	171,283		$	181,474
Weighted average interest rate during period(1)	0.38		%	0.22		%
Short-term borrowings, FHLB advances
Balance at end of period	$	50,000		$	75,000
Weighted average interest rate at end of period	1.20		%	0.63		%
Maximum outstanding at any month end in year-to-date period	$	50,000		$	236,700
Average daily balance for the year-to-date period	$	11,188		$	96,698
Weighted average interest rate during period(1)	0.74		%	0.53		%
Short-term borrowings, revolving loan
Balance at end of period	$	—		$	—
Weighted average interest rate at end of period	—		%	—		%
Maximum outstanding at any month end in year-to-date period	$	—		$	10,000
Average daily balance for the year-to-date period	$	—		$	2,596
Weighted average interest rate during period(1)(2)	—		%	4.78		%

(1) The weighted average interest rate is computed by dividing total annualized interest for the year-to-date period by the average daily balance outstanding.

(2) Includes interest and non-usage fee.

Summary of long-term debt

Long-term debt is summarized as follows (dollars in thousands):

	June 30, 2017		December 31, 2016
Notes payable, FHLB, ranging in original maturity from nineteen months to ten years, collateralized by FHLB deposits, residential and commercial real estate loans and FHLB stock.	$	80,000	$	80,000