Short-term Borrowings

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Short-term Borrowings

Short-term borrowings:

There were $80 million in short-term Federal Home Loan Bank Advances at March 31, 2016 with a weighted average interest rate of 0.47%. In addition, the Company had $5.5 million in fed funds purchased and a $1.4 million balance on business lines of credit with two lending institutions at March 31, 2016.

The following table provides a disaggregation of the obligation by the class of collateral pledged for short-term financing obtained through the sales of repurchase agreements:

(In Thousands of Dollars)	March 31, 2016		December 31, 2015
Overnight and continuous repurchase agreements
U.S. Treasury and U.S. government sponsored entities	$	9,425	$	5,276
State and political subdivisions		2,697		2,640
Mortgage-backed securities - residential		67,635		60,391
Collateralized mortgage obligations - residential		9,010		7,175
Total repurchase agreements	$	88,767	$	75,482

Management believes the risks associated with the agreements are minimal and in the case of collateral decline the company has additional investment securities available to adequately pledge as guarantees for the repurchase agreements.