Note 12 – Borrowed Funds

The following is a summary of short-term borrowings with original maturities of less than one year:


(Dollars in thousands)	Six months ended June 30, 2015		Year ended December 31, 2014
Securities sold under agreements to repurchase:
Outstanding at end of period	$	28,252	$	39,801
Weighted average interest rate at end of period		0.19%		0.15%
Maximum amount outstanding as of any month end	$	35,134	$	53,819
Average amount outstanding	$	34,353	$	45,702
Approximate weighted average rate during the period		0.16%		0.13%

At June 30, 2015, the repurchase agreements were secured by $55.3 million in investment securities issued by government related agencies. A minimum of 102% of fair value is pledged against account balances.

The following is a summary of long-term borrowings with original maturities exceeding one year:


	June 30,		December 31,
(in thousands)	2015		2014
FHLB advances, bearing fixed interest at rates ranging from 1.00% to 3.69% at June 30, 2015	$	135,842	$	135,876
Junior subordinated debt, bearing variable interest rate of 3.03% at June 30, 2015		30,929		35,929
Junior subordinated debt, bearing fixed interest rate of 9.88% at June 30, 2015		10,801		10,801
Total long-term debt	$	177,572	$	182,606

At June 30, 2015, the long-term FHLB advances were secured by $211.5 million in loans.

The contractual maturities of all long-term borrowings are as follows:


	June 30, 2015						December 31, 2014
(in thousands)	Fixed Rate		Floating Rate		Total		Total
Due in 2015		30,000		0		30,000		35,000
Due in 2016		0		0		0		0
Due in 2017		0		0		0		0
Due in 2018		70,000		0		70,000		70,000
Due in 2019		0		0		0		0
Thereafter		46,643		30,929		77,572		77,606
Total long-term debt	$	146,643	$	30,929	$	177,572	$	182,606