Short-Term Borrowings

12 Months Ended

Dec. 31, 2016

9. Short-Term Borrowings

In addition to the liquidity provided by balance sheet cash flows, liquidity must also be supplemented with additional sources such as credit lines from correspondent banks as well as borrowings from the FHLB and the Federal Reserve Bank. Other funding alternatives may also be appropriate from time to time, including wholesale and retail repurchase agreements and brokered certificate of deposit (“CD”) accounts.

Short-term borrowings totaled $681.7 million and $442.5 million at December 31, 2016 and 2015, respectively, and consist of Federal funds purchased and securities sold under repurchase agreements, which generally represent overnight borrowing transactions, and other short-term borrowings, primarily FHLB advances, with original maturities of one year or less.

The Company has unused lines of credit with the FHLB and access to brokered deposits available for short-term financing of approximately $1.9 billion and $2.1 billion at December 31, 2016 and 2015, respectively. Borrowings on the FHLB lines are secured by FHLB stock, certain securities and one-to-four family first lien mortgage loans. Securities collateralizing repurchase agreements are held in safekeeping by nonaffiliated financial institutions and are under the Company’s control.

Information related to short-term borrowings is summarized as follows as of December 31, 2016, 2015 and 2014:

(In thousands)	2016			2015			2014
Federal funds purchased:
Balance at year-end	$	50,000		$	99,500		$	68,000
Average during the year		65,257			97,424			110,154
Maximum month end balance		85,000			159,000			183,000
Weighted average rate during the year		0.98	%		0.36	%		0.29	%
Weighted average rate at December 31		1.19	%		0.51	%		0.34	%

Securities sold under repurchase agreements:
Balance at year-end	$	173,703		$	167,981		$	148,802
Average during the year		168,821			162,201			165,858
Maximum month end balance		189,875			178,326			182,861
Weighted average rate during the year		0.06	%		0.06	%		0.06	%
Weighted average rate at December 31		0.07	%		0.06	%		0.06	%

Other short-term borrowings:
Balance at year-end	$	458,000		$	175,000		$	100,000
Average during the year		263,575			80,260			106,438
Maximum month end balance		424,000			175,000			320,000
Weighted average rate during the year		0.59	%		0.42	%		0.40	%
Weighted average rate at December 31		0.70	%		0.56	%		0.36	%

See Note 3 for additional information regarding securities pledged as collateral for securities sold under the repurchase agreements.