BORROWED FUNDS

The following table summarizes the Company's borrowed funds by funding source.

Summary of Borrowed Funds

(Dollar amounts in thousands)



	As of
	June 30, 2016		December 31, 2015
Securities sold under agreements to repurchase	$	124,744	$	155,196
FHLB advances	325,000		9,900
Total borrowed funds	$	449,744	$	165,096

Securities sold under agreements to repurchase are treated as financings and the obligations to repurchase securities sold are included as a liability in the Consolidated Statements of Financial Condition. Repurchase agreements are secured by U.S. treasury and agency securities. The securities underlying the agreements remain in the respective asset accounts.

The Bank is a member of the FHLB and has access to term financing from the FHLB. These advances are secured by designated assets that may include qualifying commercial real estate, residential and multi-family mortgages, home equity loans, and municipal and mortgage-backed securities. As of June 30, 2016, the Company held various 3-month FHLB advances with fixed interest rates that range from 0.46% to 0.58% and maturity dates that range from August 1, 2016 to September 1, 2016.

The Company hedges interest rates on borrowed funds using interest rate swaps through which the Company receives variable amounts and pays fixed amounts. See Note 11 "Derivative Instruments and Hedging Activities" for a detailed discussion of interest rate swaps.