Short-Term Borrowings

12 Months Ended

Dec. 31, 2017

NOTE 10 - SHORT-TERM BORROWINGS

Short-term borrowings, which consist of federal funds purchased and other short-term borrowings are summarized as follows:

	At December 31, 2017						At December 31, 2016
	Federal Funds Purchased			Short-term Borrowings			Federal Funds Purchased			Short-term Borrowings
Outstanding balance at year end	$	—		$	56,900		$	—		$	31,000
Maximum indebtedness during the year		20,000			115,050			20,000			70,400
Average balance during the year		119			38,825			116			10,483
Average rate paid during the year		1.68	%		1.12	%		0.86	%		0.42	%
Interest rate on year end balance		—			1.42	%		—			0.64	%

	At December 31, 2015
	Federal Funds Purchased			Short-term Borrowings
Outstanding balance at year end	$	—		$	53,700
Maximum indebtedness during the year		—			64,700
Average balance during the year		69			26,880
Average rate paid during the year		0.53	%		0.20	%
Interest rate on year end balance		—			0.35	%

Average balance during the year represent daily averages. Average interest rates represent 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 December 31, 2017, 2016 and 2015.