Short-Term Borrowings

9 Months Ended

Sep. 30, 2017

(8) Short-Term Borrowings

Short-term borrowings, which consist of federal funds purchased and other short-term borrowings are included in Federal Home Loan Bank advances on the Consolidated Balance Sheets and are summarized as follows:

	At September 30, 2017						At December 31, 2016
	Federal Funds Purchased			Short-term Borrowings			Federal Funds Purchased			Short-term Borrowings
Outstanding balance	$	—		$	41,750		$	—		$	31,000
Maximum indebtedness		22,500			115,050			20,000			70,400
Average balance		156			42,102			116			10,483
Average rate paid		1.71	%		1.08	%		0.86	%		0.42	%
Interest rate on balance		—			1.17	%		—			0.64	%

Average balance during the period 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 September 30, 2017 and December 31, 2016.

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 September 30, 2017 and December 31, 2016. All of the repurchase agreements are overnight agreements.

	September 30, 2017		December 31, 2016
Securities pledged for repurchase agreements:
U.S. Treasury securities	$	742	$	1,761
Obligations of U.S. government agencies		14,406		27,164
Total securities pledged	$	15,148	$	28,925
Gross amount of recognized liabilities for repurchase agreements	$	15,148	$	28,925
Amounts related to agreements not included in offsetting disclosures above	$	—	$	—