Note 10: Short-term Borrowings

12 Months Ended

Dec. 31, 2017

Notes

Note 10: Short-term Borrowings

Note 10:    Short-Term Borrowings

Short-term borrowings at December 31, 2017 and 2016, are summarized as follows:

	2017	2016
	(In Thousands)
Notes payable – Community Development
Equity Funds	$                1,604	$                1,323
Overnight borrowings from the Federal Home Loan Bank	15,000	171,000
Securities sold under reverse repurchase agreements	80,531	113,700
	$              97,135	$           286,023

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 0.30% and 0.50% at December 31, 2017 and 2016, respectively.  Short-term borrowings averaged approximately $186.4 million and $327.7 million for the years ended December 31, 2017 and 2016, respectively.  The maximum amounts outstanding at any month end were $297.4 million and $523.1 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, 2017 and 2016:

	2017	2016
	Overnight and	Overnight and
	Continuous	Continuous
	(In Thousands)
FHLBank CD	$                            --		$                   16,202
Mortgage-backed securities – GNMA, FNMA, FHLMC	80,531		97,498
	$                 80,531		$                 113,700