Other Borrowings

3 Months Ended

Mar. 31, 2016

5. OTHER BORROWINGS

The following table summarizes the Company’s borrowings as of March 31, 2016 and December 31, 2015:



	March 31, 2016		December 31, 2015
	(in thousands)
Short-Term:
Federal funds purchased	$	200	$	—
FHLB advances	—		150,000
Total short-term borrowings	$	200	$	150,000

The Company maintains other lines of credit with correspondent banks totaling $170.0 million, of which $25.0 million is secured by pledged securities and has a floating interest rate of one-month or three-month LIBOR plus 1.50%. The remaining $145.0 million is unsecured. As of March 31, 2016, there was $0.2 million outstanding on these lines of credit at an interest rate of 1.38%. There were no outstanding balances on these lines of credit as of December 31, 2015.

The Company maintains lines of credit with the FHLB and the FRB. The Company’s borrowing capacity is determined based on collateral pledged, generally consisting of investment securities and loans, at the time of the borrowing. At March 31, 2016, there were no short-term FHLB advances. At December 31, 2015, short-term FHLB advances of $150.0 million had a weighted average interest rate of 0.36%.

As of March 31, 2016 and December 31, 2015, the Company had additional available credit with the FHLB of approximately $1.50 billion and $1.54 billion, respectively, and with the FRB of approximately $1.26 billion and $1.21 billion, respectively.