Short-Term Borrowings

12 Months Ended

Dec. 31, 2016

SHORT-TERM BORROWINGS

Selected information for federal funds and other short-term borrowings is as follows:



(In thousands)	2016			2015			2014
Federal funds purchased
Average amount outstanding	$	104,866		$	105,910		$	104,358
Average rate	0.29		%	0.18		%	0.17		%
Highest month-end balance	147,900			122,461			124,093
Year-end balance	105,563			111,263			100,193
Average rate on outstandings at year-end	0.51		%	0.25		%	0.15		%
Security repurchase agreements
Average amount outstanding	311,045			127,358			116,190
Average rate	0.23		%	0.11		%	0.06		%
Highest month-end balance	823,744			205,566			156,710
Year-end balance	196,385			205,566			118,600
Average rate on outstandings at year-end	0.26		%	0.15		%	0.13		%
Other short-term borrowings, year-end balances
Securities sold, not yet purchased	25,321			30,158			24,230
Other	500,000			—			1,200
Total federal funds and other short-term borrowings	$	827,269		$	346,987		$	244,223

Federal funds purchased and security repurchase agreements generally mature in less than 30 days. Our participation in security repurchase agreements is on an overnight or term basis (e.g., 30 or 60 days). ZB, N.A. executes overnight repurchase agreements with sweep accounts in conjunction with a master repurchase agreement. When this occurs, securities under the Bank’s control are pledged and interest is paid on the collected balance of the customers’ accounts. For the non-sweep overnight and term repurchase agreements, securities are transferred to the applicable counterparty. The counterparty, in certain instances, is contractually entitled to sell or repledge securities accepted as collateral. Of the total security repurchase agreements at December 31, 2016, $58 million were overnight and $139 million were term.

ZB, N.A. may borrow from the FHLB under their lines of credit that are secured under blanket pledge arrangements. ZB, N.A. maintained unencumbered collateral with carrying amounts adjusted for the types of collateral pledged, equal to at least 100% of the outstanding advances. At December 31, 2016, the amount available for FHLB advances was approximately $13 billion and $500 million short-term FHLB advances were outstanding.

ZB, N.A. may also borrow from the Federal Reserve based on the amount of collateral pledged to a Federal Reserve Bank. At December 31, 2016, the amount available for additional Federal Reserve borrowings was approximately $4 billion.