Short-Term Borrowings

12 Months Ended

Dec. 31, 2015

SHORT-TERM BORROWINGS

Short-term borrowings are for terms under one year and were comprised of REPOs and FHLB advances. REPOs are overnight short-term investments and are not insured by the Federal Deposit Insurance Corporation, or FDIC. Securities pledged as collateral under these REPO financing arrangements cannot be sold or repledged by the secured party and are therefore accounted for as a secured borrowing. Securities with a total carrying value of $67.0 million at December 31, 2015 and $35.6 million at December 31, 2014 were pledged as collateral for these secured transactions. The pledged securities are held in safekeeping at the Federal Reserve. Due to the overnight short-term nature of REPOs, potential risk due to a decline in the value of the pledged collateral is low. Collateral pledging requirements with REPOs are monitored daily.

The following table represents the composition of short-term borrowings, the weighted average interest rate as of December 31 and interest expense for the years ended December 31:



	2015						2014						2013
(dollars in thousands)	Balance		Weighted Average Interest Rate		Interest Expense		Balance		Weighted Average Interest Rate		Interest Expense		Balance		Weighted Average Interest Rate		Interest Expense
REPOs	$	62,086	0.01	%	$	4	$	30,605	0.01	%	$	3	$	33,847	0.01	%	$	62
FHLB advances	356,000		0.52	%	932		290,000		0.31	%	511		140,000		0.30	%	279
Total Short-term Borrowings	$	418,086	0.44	%	$	936	$	320,605	0.27	%	$	514	$	173,847	0.24	%	$	341