Short-term Borrowings

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Short-term Borrowings

Short-term borrowings:

There were $145 million in short-term Federal Home Loan Bank Advances at June 30, 2016 with a weighted average interest rate of 0.47%. In addition, the Company had no Fed funds purchased and a $350 thousand balance on business lines of credit with one  lending institutions at June 30, 2016.

The following table provides a disaggregation of the obligation by the class of collateral pledged for short-term financing obtained through the sales of repurchase agreements:

(In Thousands of Dollars)	June 30, 2016		December 31, 2015
Overnight and continuous repurchase agreements
U.S. Treasury and U.S. government sponsored entities	$	7,637	$	5,276
State and political subdivisions		6,048		2,640
Mortgage-backed securities - residential		61,499		60,391
Collateralized mortgage obligations - residential		7,642		7,175
Total repurchase agreements	$	82,826	$	75,482

Management believes the risks associated with the agreements are minimal and, in the case of collateral decline, the Company has additional investment securities available to adequately pledge as guarantees for the repurchase agreements.