At December 31, 2016, the Company had $355.9 million in federal funds purchased from its correspondent banks that are clients of its correspondent banking unit, compared to $352.4 million at December 31, 2015. Rates paid on these funds were between 0.75% and 0.80% as of December 31, 2016 and 0.55% and 0.75% as of December 31, 2015.

 

At December 31, 2016, the Company had available lines of credit totaling approximately $378.0 million with various financial institutions for borrowing on a short-term basis, with no amount outstanding. Available lines totaled approximately $180.0 million at December 31, 2015. These lines are subject to annual renewals with varying interest rates.