Note 10: Short-term Borrowings

12 Months Ended

Dec. 31, 2016

Notes

Note 10: Short-term Borrowings

Note 10:    Short-Term Borrowings

Short-term borrowings at December 31, 2016 and 2015, are summarized as follows:

	2016	2015
	(In Thousands)
Notes payable – Community Development
Equity Funds	$                1,323	$                1,295
Overnight borrowings from the Federal Home Loan Bank	171,000	—
Securities sold under reverse repurchase agreements	113,700	116,182
	$           286,023	$           117,477

The Bank enters into sales of securities under agreements to repurchase (reverse repurchase agreements).  Reverse repurchase agreements are treated as financings, and the obligations to repurchase securities sold are reflected as a liability in the statements of financial condition.  The dollar amount of securities underlying the agreements remains in the asset accounts.  Securities underlying the agreements are being held by the Bank during the agreement period.  All agreements are written on a term of one-month or less.

Short-term borrowings had weighted average interest rates of 0.50% and 0.04% at December 31, 2016 and 2015, respectively.  Short-term borrowings averaged approximately $327.7 million and $192.1 million for the years ended December 31, 2016 and 2015, respectively.  The maximum amounts outstanding at any month end were $523.1 million and $219.5 million, respectively, during those same periods.

The following table represents the Company’s securities sold under reverse repurchase agreements, by collateral type and remaining contractual maturity at December 31, 2016 and 2015:

	2016	2015
	Overnight and	Overnight and
	Continuous	Continuous
	(In Thousands)
FHLBank CD	$16,202		$—
Mortgage-backed securities – GNMA, FNMA, FHLMC	97,498		116,182
	$113,700		$116,182