Borrowed Funds (Tables)

6 Months Ended

Jun. 30, 2016

Borrowed funds consist of the following obligations as of:



	June 30, 2016				December 31, 2015
	Amount		Rate		Amount		Rate
FHLB advances	$	265,000	1.87	%	$	235,000	1.93	%
Securities sold under agreements to repurchase without stated maturity dates	53,596		0.13	%	70,532		0.12	%
Federal funds purchased	—		—	%	4,200		0.75	%
Total	$	318,596	1.58	%	$	309,732	1.50	%

Federal Home Loan Bank, Advances

The following table lists the maturities and weighted average interest rates of FHLB advances as of:



	June 30, 2016				December 31, 2015
	Amount		Rate		Amount		Rate
Fixed rate due 2016	$	35,000	1.20	%	$	30,000	1.25	%
Variable rate due 2016	—		—	%	15,000		0.62	%
Fixed rate due 2017	50,000		1.56	%	50,000		1.56	%
Fixed rate due 2018	50,000		2.16	%	50,000		2.16	%
Fixed rate due 2019	60,000		1.99	%	40,000		2.35	%
Fixed rate due 2020	10,000		1.98	%	10,000		1.98	%
Fixed rate due 2021	40,000		2.01	%	30,000		2.26	%
Variable rate due 2021 ¹	10,000		0.93	%	—		—	%
Fixed rate due 2023	10,000		3.90	%	10,000		3.90	%
Total	$	265,000	1.87	%	$	235,000	1.93	%


⁽¹⁾	Hedged advance (see "Derivative Instruments" section below)

Summary of short term borrowings

he following table provides a summary of securities sold under repurchase agreements without stated maturity dates, federal funds purchased, and FRB Discount Window advances for the:



	Three Months Ended June 30
	2016						2015
	Maximum Month End Balance		Average Balance		Weighted Average Interest Rate During the Period		Maximum Month End Balance		Average Balance		Weighted Average Interest Rate During the Period
Securities sold under agreements to repurchase without stated maturity dates	$	57,032	$	56,010	0.13	%	$	67,599	$	63,294	0.13	%
Federal funds purchased	11,800		12,294		0.69	%	12,600		5,770		0.52	%



	Six Months Ended June 30
	2016						2015
	Maximum Month End Balance		Average Balance		Weighted Average Interest Rate During the Period		Maximum Month End Balance		Average Balance		Weighted Average Interest Rate During the Period
Securities sold under agreements to repurchase without stated maturity dates	$	61,783	$	58,531	0.13	%	$	84,859	$	71,129	0.13	%
Federal funds purchased	11,800		8,495		0.69	%	12,600		5,738		0.50	%

Summary of pledged financial instruments

e had pledged AFS securities and 1-4 family residential real estate loans in the following amounts at:



	June 30 2016		December 31 2015
Pledged to secure borrowed funds	$	335,570	$	339,078
Pledged to secure repurchase agreements	58,137		70,555
Pledged for public deposits and for other purposes necessary or required by law	38,465		39,038
Total	$	432,172	$	448,671

AFS securities pledged to repurchase agreements without stated maturity dates consisted of the following at:



	June 30 2016		December 31 2015
States and political subdivisions	$	2,393	$	3,639
Mortgage-backed securities	20,781		23,075
Collateralized mortgage obligations	34,963		43,841
Total	$	58,137	$	70,555

Schedule of derivative instruments

The following table provides information on derivatives related to variable rate borrowings as of June 30, 2016.



	Pay Rate		Receive Rate	Remaining Life (Years)	Notional Amount		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments
Cash Flow Hedges:
Interest rate swaps	1.56	%	3-Month LIBOR	4.9	$	10,000	Other liabilities	$	(152	)