Short-Term Borrowings

9 Months Ended

Sep. 30, 2016

7. Short-Term Borrowings

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


(dollars in thousands)	September 30, 2016		December 31, 2015
Federal funds purchased	$	—	$	—
Securities sold under agreements to repurchase		9,151		216,151
Total short-term borrowings	$	9,151	$	216,151

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


(dollars in thousands)	September 30, 2016			September 30, 2015
Federal funds purchased:
Weighted-average interest rate at September 30,		—	%		—	%
Highest month-end balance	$	—		$	8,000
Average outstanding balance	$	168		$	6,302
Weighted-average interest rate paid		0.17	%		0.04	%
Securities sold under agreements to repurchase:
Weighted-average interest rate at September 30,		0.54	%		0.05	%
Highest month-end balance	$	235,451		$	520,740
Average outstanding balance	$	147,784		$	404,053
Weighted-average interest rate paid		0.12	%		0.04	%

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 borrowed. 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 September 30, 2016, the weighted-average remaining maturity of these agreements was 441 days, with maturities as follows:


	Amount
(dollars in thousands)	Maturing
Less than 30 days	$	—
30 through 90 days		—
Over 90 days		9,151
Total	$	9,151

At September 30, 2016, the Company had $618.9 million, $1.6 billion, and $687.8 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 September 30, 2016.