NOTE 10: SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER SHORT-TERM DEBT

Securities sold under agreements to repurchase mature daily. Securities sold under agreements to repurchase are collateralized by mortgage-backed securities and collateralized mortgage-backed obligations. We maintain effective control over the securities underlying the agreements.

As of December 31, 2016, we could borrow up to $55 million in overnight funds through unsecured borrowing lines established with correspondent banks. In addition, we have established both overnight and longer term lines of credit with the FHLB. These borrowings are secured by residential mortgage loans. At December 31, 2016, we pledged loans with a carrying value of $363.55 million which carries a $256.98 million borrowing capacity at the FHLB, less borrowings and letters of credit of $62.06 million, resulting in year-end capacity of $194.92 million. At December 31, 2015, we pledged loans with a carrying value of $371.58 million, which carried a $262.96 million borrowing capacity at the FHLB, less borrowings and letters of credit of $17.81 million, resulting in year-end capacity of $245.15 million. We also have the ability to borrow through the use of repurchase agreements, collateralized by our investments, with certain approved counterparties.

The following table provides certain information regarding other borrowed funds for each of the years ended December 31, 2016, 2015 and 2014:


(In thousands)	2016			2015			2014
FHLB and other short-term borrowings
Amount outstanding at year end	$	40,000		$	—		$	—
Maximum amount outstanding during the year		110,000			63,000			18,900
Average amount outstanding during the year		25,425			3,953			212
Weighted average-rate during the year		0.48	%		0.33	%		0.31	%
Weighted average rate at year-end		0.77	%		—	%		—	%
Securities sold under agreement to repurchase
Amount outstanding at year end	$	312,118		$	286,639		$	258,464
Maximum amount outstanding during the year		334,023			318,788			292,692
Average amount outstanding during the year		247,610			226,913			192,868
Weighted average-rate during the year		0.18	%		0.22	%		0.18	%
Weighted average rate at year-end		0.20	%		0.19	%		0.26	%

The following table presents the contractual maturity of our secured borrowings and class of collateral pledged at December 31, 2016:


	Remaining Contractual Maturity of the Agreements
	Overnight and						Greater Than
(In thousands)	Continuous		Up to 30 Days		30-90 Days		90 Days		Total
Repurchase Agreements
Available for Sale:
U.S. Treasury Obligations	$	24,207	$	—	$	—	$	—	$	24,207
U.S. GSEs		51,847		—		—		—		51,847
FHLB Obligations		59,505		—		—		—		59,505
Agency MBSs		44,736		—		—		—		44,736
Agency CMBSs		21,662		—		—		—		21,662
Agency CMOs		40,007		—		—		—		40,007
Total Available for Sale	$	241,964	$	—	$	—	$	—	$	241,964

(In thousands)
Held to Maturity:
U.S. Agency Obligations	$	16,646	$	—	$	—	$	—	$	16,646
Agency CMOs		53,508		—		—		—		53,508
Total Held to Maturity	$	70,154	$	—	$	—	$	—	$	70,154

The following table presents the contractual maturity of our secured borrowings and class of collateral pledged at December 31, 2015:


	Remaining Contractual Maturity of the Agreements
	Overnight and						Greater Than
(In thousands)	Continuous		Up to 30 Days		30-90 Days		90 Days		Total
Repurchase Agreements
Available for Sale:
U.S. Treasury Obligations	$	23,902	$	—	$	—	$	—	$	23,902
U.S. GSEs		21,719		—		—		—		21,719
FHLB Obligations		42,681		—		—		—		42,681
Agency MBSs		49,162		—		—		430		49,592
Agency CMBSs		14,957		—		—		—		14,957
Agency CMOs		33,112		—		—		—		33,112
Total Available for Sale	$	185,533	$	—	$	—	$	430	$	185,963

(In thousands)
Held to Maturity:
U.S. Agency Obligations	$	14,524	$	—	$	—	$	—	$	14,524
Agency CMOs		66,889		—		—		—		66,889
Agency MBSs		19,263		—		—		—		19,263
Total Held to Maturity	$	100,676	$	—	$	—	$	—	$	100,676

The fair value of securities pledged to secure repurchase agreements may decline. The Company manages this risk by having a policy to pledge securities valued greater than the gross outstanding balance of repurchase agreements. Securities sold under agreements to repurchase are secured by securities with a carrying value of $312.23 million and $287.27 million at December 31, 2016 and 2015, respectively.