Short-Term Borrowings

12 Months Ended

Dec. 31, 2015

(In Thousands)

Short-term borrowings as of December 31 are summarized as follows:



	2015		2014
Securities sold under agreements to repurchase	$	22,279	$	6,103
Overnight borrowings	400,000		26,300
Total short-term borrowings	$	422,279	$	32,403

Securities sold under agreements to repurchase (“repurchase agreements”) represent funds received from customers, generally on an overnight or continuous basis, which are collateralized by investment securities owned or, at times, borrowed and re-hypothecated by the Company. The securities used as collateral consist primarily of U.S. Government agency mortgage-backed securities, U.S. Government agency collateralized mortgage obligations, obligations of U.S. Government agencies, and obligations of states and political subdivisions. All securities are maintained by the Company’s safekeeping agents. These securities are reviewed by the Company on a daily basis, and the Company may be required to provide additional collateral due to changes in the fair market value of these securities. The terms of the Company’s repurchase agreements are continuous but may be cancelled at any time by the Company or the customer.

The average balances and cost of funds of short-term borrowings for the years ending December 31 are summarized as follows:



	Average Balances						Cost of Funds
	2015		2014		2013		2015		2014		2013
Overnight borrowings	$	207,575	$	17,899	$	8,072	0.18	%	0.17	%	0.17	%
Securities sold under agreements to repurchase	15,515		4,334		5,107		0.21		0.15		0.17
Total short-term borrowings	$	223,090	$	22,233	$	13,179	0.18	%	0.17	%	0.17	%

The Company maintains lines of credit with correspondent banks totaling $75,000 at December 31, 2015. Interest is charged at the market federal funds rate on all advances. There were no amounts outstanding under these lines of credit at December 31, 2015 or 2014.