SHORT-TERM BORROWINGS

12 Months Ended

Dec. 31, 2015

Short-term borrowings consist of securities sold under agreements to repurchase and primarily FHLB advances, which generally represent overnight or less than six month borrowings. In addition to the outstanding balances noted below, the Banks also have additional lines of credit totaling $35,413,000 available from correspondent banks other than the FHLB. The outstanding balances and related information for short-term borrowings are summarized as follows at December 31, 2015, 2014, and 2013:



(In Thousands)	2015			2014			2013
Repurchase Agreements:
Balance at year end	$	18,334		$	13,987		$	12,391
Maximum amount outstanding at any month end	18,614			18,801			16,632
Average balance outstanding during the year	15,834			16,350			16,839
Weighted-average interest rate:
At year end	0.21		%	0.23		%	0.28		%
Paid during the year	0.21		%	0.22		%	0.40		%
Overnight:
Balance at year end	$	28,304		$	26,831		$	14,325
Maximum amount outstanding at any month end	42,760			26,831			21,350
Average balance outstanding during the year	23,075			5,992			5,508
Weighted-average interest rate:
At year end	0.43		%	0.27		%	0.25		%
Paid during the year	0.36		%	0.30		%	0.31		%

We utilize securities sold under agreements to repurchase to facilitate the needs of our customers and to facilitate secured short-term funding needs. Securities sold under agreements to repurchase are stated at the amount of cash received in connection with the transaction. We monitor collateral levels on a continuous basis. We may be required to provide additional collateral based on the fair value of the underlying securities. Securities pledged as collateral under repurchase agreements are maintained with our safekeeping agents.

The remaining contractual maturity of repurchase agreements in the consolidated balance sheets as of December 31, 2015 and December 31, 2014 is presented in the following tables.



	2015		2014
	Remaining Contractual Maturity of the Agreements
(In Thousands)	Overnight and Continuous		Overnight and Continuous
Repurchase Agreements:
U.S. Government and agency securities	$	3,586	$	3,953
Mortgage-back securities	8,368		4,526
Asset-backed securities	1,960		2,468
State and political securities	8,015		7,070
Other debt securities	2,155		2,218
Total carrying value of collateral pledged	$	24,084	$	20,235

Total liability recognized for repurchase agreements	$	18,334	$	13,987