Short-Term Borrowings

12 Months Ended

Dec. 31, 2015

Note 7. Short-Term Borrowings

The following table presents information concerning short-term borrowings:


	December 31,
(in thousands)	2015			2014
Federal funds purchased:
Amount outstanding at period-end	$	10,100		$	12,000
Average amount outstanding during period		15,992			12,196
Maximum amount at any month-end during period		13,675			12,000
Weighted-average interest at period-end		0.13	%		0.13	%
Weighted-average interest rate during period		0.26	%		0.25	%

Securities sold under agreements to repurchase:
Amount outstanding at period-end	$	513,544		$	624,573
Average amount outstanding during period		539,169			688,704
Maximum amount at any month-end during period		609,671			816,617
Weighted-average interest at period-end		0.03	%		0.03	%
Weighted-average interest rate during period		0.03	%		0.27	%

FHLB borrowings:
Amount outstanding at period-end	$	900,000		$	515,000
Average amount outstanding during period		469,973			304,781
Maximum amount at any month-end during period		900,000			565,000
Weighted-average interest at period-end		0.32	%		0.12	%
Weighted-average interest rate during period		0.18	%		0.15	%

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 $900 million of FHLB borrowings at December 31, 2015, consist of four $225 million variable-rate term notes, two maturing in 2017 and two 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. All other FHLB borrowings held had stated maturities of three months or less.