13.Borrowed Funds

The following is a summary of short-term borrowings at December 31, 2015 and 2014 with original maturities of less than one year:



(Dollars in thousands)	2015		2014
Securities sold under agreements to repurchase:
Outstanding at end of year	$	35,828	$	39,801
Weighted average interest rate at year end		0.16%		0.15%
Maximum amount outstanding as of any month end	$	47,131	$	53,819
Average amount outstanding	$	35,908	$	45,702
Approximate weighted average rate during the year		0.16%		0.13%

At December 31, 2015, the repurchase agreements were secured by $59.2 million in investment securities.

The following is a summary of long-term borrowings at December 31, 2015 and 2014 with original maturities exceeding one year:



(In thousands)	2015		2014
FHLB advances, bearing fixed interest rates ranging from 1.00% to 3.69% at December 31, 2015	$	105,807	$	135,876
Junior subordinated debt, bearing variable interest rate of 3.28% at December 31, 2015		30,929		35,929
Junior subordinated debt, bearing fixed interest rate of 9.88% at December 31, 2015		10,801		10,801
Total long-term debt	$	147,537	$	182,606

At December 31, 2015, the long-term FHLB advances were secured by $223.0 million in loans.

The contractual maturities of long-term borrowings at December 31, 2015 and 2014 are as follows:



	2015
	Fixed		Floating				2014
(in thousands)	Rate		Rate		Total		Total
Due in 2015	$	0	$	0	$	0	$	35,000
Due in 2016		0		0		0		0
Due in 2017		0		0		0		0
Due in 2018		20,000		0		20,000		70,000
Due in 2019		0		0		0		0
Due in 2020		30,000		0		30,000		0
Thereafter		66,608		30,929		97,537		77,606
Total long-term debt	$	116,608	$	30,929	$	147,537	$	182,606

The Bank has a borrowing capacity agreement with the FHLB in an amount equal to 29% of the Bank’s assets. At December 31, 2015, the available line of credit equaled $381.0 million. In December 2015, the Bank completed a contemporaneous exchange of debt on several advances. This exchange reduced the rate paid by approximately 14 basis points and laddered the stated maturities more evenly over the next six years. This line of credit, which can be used for both short and long-term funding, can only be utilized to the extent of available collateral. The line is secured by certain qualified mortgage, commercial and home equity loans and investment securities as follows (in thousands):



1-4 family mortgage loans	$	175,581
Commercial loans		19,916
Multi-family loans		872
Home equity loans		26,660
	$	223,029

At December 31, 2015, $104.2 million was available for additional borrowings.

The Bank also has various unsecured lines of credit totaling $70.0 million with various financial institutions and a $17.2 million secured line with the Federal Reserve to meet daily liquidity requirements. As of December 31, 2015, there were no borrowings under these credit facilities. In addition, there was approximately $102.1 million of available funding through brokered money market funds at December 31, 2015.

Repurchase Agreements - The Bank has retail repurchase agreements with customers within its local market areas. Repurchase agreements generally have maturities of one to four days from the transaction date. These borrowings are collateralized with securities that we own and are held in safekeeping at independent correspondent banks.

FHLB Advances - The FHLB advances consist of various borrowings with maturities generally ranging from five to 10 years with initial fixed rate periods of one, two or three years. After the initial fixed rate period, the FHLB has one or more options to convert each advance to a LIBOR based, variable rate advance, but the Bank may repay the advance in whole or in part, without a penalty, if the FHLB exercises its option. At all other times, the Bank’s early repayment of any advance could be subject to a prepayment penalty.