Note 8 - Federal Funds Purchased and Other Short-term Borrowings

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Short-term Debt [Text Block]

8

.

Federal Funds Purchased

and Short-term Securities Sold Under Agreements to Repurchase

Federal funds purchased and short-term securities sold under agreements to repurchase represent borrowings with an original maturity of

one

year or less. All of the Company’s short-term borrowings are made up of federal funds purchased and securities sold under agreements to repurchase

,

which represent borrowings that generally mature

one

business day following the date of the transaction. Information on federal funds purchased and short-term securities sold under agreements to repurchase is as follows:

December 31, (Dollars in thousands)	2016			2015
Federal funds purchased and short-term securities sold under agreements to repurchase	$	35,085		$	34,353
Total short-term	$	35,085		$	34,353
Average balance during the year	$	36,919		$	31,580
Maximum month-end balance during the year		41,397			39,474
Average interest rate during the year		.27	%		.16	%
Average interest rate at year-end		.35			.24

Refer to Note

9

for a summary that includes short-term repurchase agreements disaggregated by the class of securities pledged

.