NOTE 7 – BORROWINGS

Short-term borrowings

Short-term borrowings include overnight repurchase agreements, federal funds purchased and short-term advances through the FHLB. The outstanding balances and related information for short-term borrowings are summarized as follows:


(Dollars in thousands)	2015			2014


Balance at year-end	$	48,598		$	46,627

Average balance outstanding		51,571			51,855

Maximum month-end balance		54,462			63,717

Weighted-average rate at year-end		0.14	%		0.14	%

Weighted-average rate during the year		0.14			0.15

Average balances outstanding during the year represent daily average balances, and average interest rates represent interest expenses divided by the related average balances.

The following table provides additional detail regarding repurchase agreements accounted for as secured borrowings:


	Remaining Contractual Maturity Overnight and Continuous

(Dollars in thousands)	December 31, 2015		December 31, 2014


Securities of U.S. Government agencies and mortgage-backed securities of government agencies pledged, fair value		$ 48,791		$ 46,842

Repurchase agreements		48,598		46,627

Other borrowings

The following table sets forth information concerning other borrowings:


	Maturity Range				Weighted Average Interest		Stated Interest Rate Range				At December 31,
(Dollars in thousands)	From		To		Rate		From		To		2015		2014


Fixed-rate		12/20/17		12/21/17		3.61%		3.48%		3.73%	$	10,000	$	10,000

Fixed-rate amortizing		1/1/15		4/1/24		1.56		1.16		7.15		3,465		4,953


											$	13,465	$	14,953

Maturities of other borrowings at December 31, 2015, are summarized as follows for the years ended December 31:


(Dollars in thousands)	Amount		Weighted Average Rate


2016	$	1,079	1.58%

2017		10,730	3.44

2018		534	1.16

2019		389	1.16

2020 and beyond		733	1.16


	$	13,465	3.01%

Monthly principal and interest payments, as well as 10% - 20% principal curtailments on the borrowings’ anniversary dates are due on the fixed-rate amortizing borrowings. FHLB borrowings are secured by a blanket collateral agreement. At December 31, 2015 the Company has the capacity to borrow an additional $51.6 million from the FHLB.