Note 13 – Borrowed Funds

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


(Dollars in thousands)	Three months ended March 31, 2017		Year ended December 31, 2016
Securities sold under agreements to repurchase:
Outstanding at end of period	$	35,269	$	36,000
Weighted average interest rate at end of period		0.18%		0.16%
Maximum amount outstanding as of any month end	$	35,269	$	39,456
Average amount outstanding	$	32,628	$	30,899
Approximate weighted average rate during the period		0.20%		0.19%

At March 31, 2017, the repurchase agreements were secured by $ 48.0 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:


	March 31,		December 31,
(in thousands)	2017		2016
FHLB advances, bearing fixed interest at rates ranging from 1.54% to 3.69% at March 31, 2017	$	90,000	$	90,007
Junior subordinated debt, bearing variable interest rate of 3.90% at March 31, 2017		30,929		30,929
Junior subordinated debt, bearing fixed interest rate of 0.00% at March 31, 2017		0		10,801
Total long-term debt	$	120,929	$	131,737

At March 31, 2017, the long-term FHLB advances were secured by $252.4 million in loans.

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


	March 31, 2017						December 31, 2016
(in thousands)	Fixed Rate		Floating Rate		Total		Total
Due in 2018	$	20,000	$	0	$	20,000	$	20,000
Due in 2019		20,000		0		20,000		20,000
Due in 2020		30,000		0		30,000		30,000
Due in 2021		20,000		0		20,000		20,000
Thereafter		0		30,929		30,929		41,737
Total long-term debt	$	90,000	$	30,929	$	120,929	$	131,737