Short-Term Borrowings

12 Months Ended

Dec. 31, 2019

SHORT-TERM BORROWINGS

Selected information for FHLB advances and other short-term borrowings is as follows:


(Dollar amounts in millions)	2019			2018			2017
Federal Home Loan Bank advances
Average amount outstanding	$	3,149		$	2,971		$	2,657
Average rate	2.50		%	2.01		%	1.13		%
Highest month-end balance	$	4,950		$	5,400		$	3,750
Year-end balance	1,000			4,500			3,600
Average rate on outstandings at year-end	1.73		%	2.61		%	1.44		%
Other short-term borrowings, year-end balances




Federal funds purchased	$	472		$	541		$	927





Security repurchase agreements	515			527			354


Securities sold, not yet purchased	66			85			95
Total Federal Home Loan Bank advances and other short-term borrowings	$	2,053		$	5,653		$	4,976

The Bank may borrow from the FHLB under their lines of credit that are secured under blanket pledge arrangements. The Bank 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, 2019, the amount available for FHLB advances was approximately $11.1 billion. The Bank may also borrow from the Federal Reserve based on the amount of collateral pledged to a Federal Reserve Bank. At December 31, 2019, the amount available for Federal Reserve borrowings was approximately $4.2 billion.

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). The Bank 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 nonsweep 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, 2019, $469 million were overnight and $46 million were term.