At December 31, 2015, the Company had $352.4 million in federal funds purchased from its correspondent banks that are clients of its correspondent banking unit, compared to $264.3 million at December 31, 2014. Rates paid on these funds were between 0.55% and 0.75% as of December 31, 2015 and 0.25% and 0.30% as of December 31, 2014.

 

At December 31, 2015, the Company had available lines of credit totaling approximately $180.0 million with various financial institutions for borrowing on a short-term basis, with no amount outstanding. Available lines totaled approximately $160.0 million at December 31, 2014. These lines are subject to annual renewals with varying interest rates.