Short-Term Borrowings

6 Months Ended

Jun. 30, 2016

(8) Short-Term Borrowings

Short-term borrowings are included in Federal Home Loan Bank advances on the Consolidated Balance Sheets and are summarized as follows:


	At June 30, 2016					At December 31, 2015
	Federal Funds Purchased		Short-term Borrowings			Federal Funds Purchased			Short-term Borrowings
Outstanding balance	$	—	$	29,800		$	—		$	53,700
Maximum indebtedness		—		70,400			—			64,700
Average balance		—		10,860			69			26,880
Average rate paid		—		0.40	%		0.53	%		0.20	%
Interest rate on balance		—		0.42	%		—			0.35	%

Outstanding during the year represent daily averages. Average rate paid represents interest expense divided by the related average balances.

These borrowing transactions can range from overnight to six months in maturity. The average maturity was one day at June 30, 2016 and December 31, 2015.

Securities sold under agreements to repurchase are used to facilitate the needs of our customers as well as to facilitate our short-term funding needs. Securities sold under repurchase agreements are carried at the amount of cash received in association with the agreement. We continuously monitor the collateral levels and may be required, from time to time, to provide additional collateral based on the fair value of the underlying securities. Securities pledged as collateral under repurchase agreements are maintained with our safekeeping agents.

The following table presents detail regarding the securities pledged as collateral under repurchase agreements as of June 30, 2016 and December 31, 2015. All of the repurchase agreements are overnight agreements.


	June 30, 2016		December 31, 2015

Securities pledged for repurchase agreements:
U.S. Treasury securities	$	657	$	894
Obligations of U.S. government agencies		17,068		24,146

Total securities pledged	$	17,725	$	25,040


Gross amount of recognized liabilities for repurchase agreements	$	17,725	$	25,040


Amounts related to agreements not included in offsetting disclosures above	$	—	$	—