Short-Term Borrowings

12 Months Ended

Dec. 31, 2016

Note 7. Short-Term Borrowings

The following table presents information concerning short-term borrowings.



	December 31,
(in thousands)	2016		2015
Federal funds purchased:
Amount outstanding at period-end	$	2,275	$	10,100
Average amount outstanding during period		14,052		15,992
Maximum amount at any month-end during period		59,475		13,675
Weighted-average interest at period-end		0.38%		0.13%
Weighted-average interest rate during period		0.50%		0.26%
Securities sold under agreements to repurchase:
Amount outstanding at period-end	$	358,131	$	513,544
Average amount outstanding during period		454,571		539,169
Maximum amount at any month-end during period		579,099		609,671
Weighted-average interest at period-end		0.04%		0.03%
Weighted-average interest rate during period		0.03%		0.03%
FHLB borrowings:
Amount outstanding at period-end	$	865,000	$	900,000
Average amount outstanding during period		943,570		469,973
Maximum amount at any month-end during period		1,175,000		900,000
Weighted-average interest at period-end		0.54%		0.32%
Weighted-average interest rate during period		0.41%		0.18%

Federal funds purchased represent unsecured borrowings from other banks, generally on an overnight basis.

Securities sold under agreements to repurchase (“repurchase agreements”) are funds borrowed on a secured basis by selling securities under agreements to repurchase, mainly in connection with treasury-management services offered to deposit customers. The customer repurchase agreements mature daily and were secured by agency securities. As the Company maintains effective control over assets sold under agreements to repurchase, the securities continue to be carried on the consolidated statements of financial condition. Because the Company acts as borrower transferring assets to the counterparty, and the agreements mature daily, the Company’s risk is very limited.

The $865 million of FHLB borrowings at December 31, 2016, consist of three $225 million and one $190 million variable-rate term notes, $415 million maturing in 2017 and $450 million maturing in 2020. These notes re-price monthly. At the Company’s option, the notes may be re-paid, either in whole or in-part, on any monthly re-pricing date subject to a two week advanced notice requirement, and therefore are classified as short-term borrowings.