8.SHORT-TERM BORROWINGS

The components of short-term borrowings are summarized as follows:


		As of December 31,
(dollars in thousands)		2019		2018

Overnight borrowings	$	37,839	$	76,366

The maximum and average amounts of short-term borrowings outstanding and related interest rates as of the periods indicated are as follows:


	Maximum				Weighted-
	outstanding				average
	at any		Average		rate during		Rate at
(dollars in thousands)	month end		outstanding		the year		year-end
December 31, 2019
Overnight borrowings	$	58,747	$	35,243	2.49	%	1.81	%

Total	$	58,747	$	35,243

December 31, 2018
Overnight borrowings	$	76,366	$	27,893	2.38	%	2.62	%
Repurchase agreements		22,202		9,666	0.16		-

Total	$	98,568	$	37,559

December 31, 2017
Overnight borrowings	$	46,737	$	18,399	1.09	%	1.56	%
Repurchase agreements		17,179		10,274	0.20		0.18
Total	$	63,916	$	28,673

Overnight borrowings may include Fed funds purchased from correspondent banks, open repurchase agreements with the FHLB and borrowings at the Discount Window from the Federal Reserve Bank of Philadelphia (FRB). Securities sold under agreements to repurchase, or repurchase agreements, are non-insured interest-bearing liabilities that have a perfected security interest in qualified investment securities of the Company. Repurchase agreements are reflected at the amount of cash received in connection with the transaction. The carrying value of the underlying qualified investment securities was approximately $12.2 million at December 31, 2017. During the fourth quarter of 2018, the Company transferred all of the repurchase agreement accounts to interest-bearing checking accounts.

FHLB borrowings are collateralized by a blanket lien on all commercial and residential real estate loans. At December 31, 2019, the Company had approximately $202.8 million available to borrow from the FHLB, $21.0 million from correspondent banks and approximately $94.3 million that it could borrow at the FRB.