Short-Term Borrowings

6 Months Ended

Jun. 30, 2016

7. Short-Term Borrowings

At June 30, 2016 and December 31, 2015, short-term borrowings were comprised of the following:


(dollars in thousands)	June 30, 2016		December 31, 2015
Federal funds purchased	$	—	$	—
Securities sold under agreements to repurchase		34,951		216,151
Total short-term borrowings	$	34,951	$	216,151

The table below provides selected information for short-term borrowings for the six months ended June 30, 2016 and 2015:


(dollars in thousands)	June 30, 2016			June 30, 2015
Federal funds purchased:
Weighted-average interest rate at June 30,		—	%		—	%
Highest month-end balance	$	—		$	8,000
Average outstanding balance	$	154		$	9,245
Weighted-average interest rate paid		0.09	%		0.02	%
Securities sold under agreements to repurchase:
Weighted-average interest rate at June 30,		0.35	%		0.05	%
Highest month-end balance	$	235,451		$	520,740
Average outstanding balance	$	213,271		$	424,235
Weighted-average interest rate paid		0.08	%		0.03	%

The Company treats securities sold under agreements to repurchase as collateralized financings. The Company reflects the obligations to repurchase the identical securities sold as liabilities, with the dollar amount of securities underlying the agreements remaining in the asset accounts. Generally, for these types of agreements, there is a requirement that collateral be maintained with a market value equal to or in excess of the principal amount loaned. As such, the collateral pledged may be increased or decreased over time to meet contractual obligations. The securities underlying the agreements to repurchase are held in collateral accounts with a third-party custodian. At June 30, 2016, the weighted-average remaining maturity of these agreements was 83 days, with maturities as follows:


	Amount
(dollars in thousands)	Maturing
Less than 30 days	$	—
30 through 90 days		30,000
Over 90 days		4,951
Total	$	34,951

At June 30, 2016, the Company had $594.0 million, $1.5 billion, and $656.3 million in lines of credit available from other U.S. financial institutions, the FHLB, and the FRB, respectively. None of the lines available were drawn upon as of June 30, 2016.