Short-term Borrowings (Tables)

3 Months Ended

Mar. 31, 2020

Short-term borrowings

Schedule of short-term borrowings

Short-term borrowings are summarized as follows (in thousands).

	March 31,		December 31,
	2020		2019
Federal funds purchased	$	199,095	$	81,625
Securities sold under agreements to repurchase		698,433		612,125
Federal Home Loan Bank		150,000		600,000
Short-term bank loans		250,500		111,000
Commercial paper		31,920		19,260
	$	1,329,948	$	1,424,010

Federal Funds Purchased and Securities Sold under Agreements to Repurchase

Short-term borrowings

Schedule of short-term borrowings

Information concerning federal funds purchased and securities sold under agreements to repurchase is shown in the following tables (dollars in thousands).

	Three Months Ended March 31,
	2020			2019
Average balance during the period	$	732,954		$	654,117
Average interest rate during the period		1.78	%		2.63	%
	March 31,			December 31,
	2020			2019
Average interest rate at end of period		1.31	%		1.97	%
Securities underlying the agreements at end of period:
Carrying value	$	705,544		$	612,515
Estimated fair value	$	753,129		$	661,023

FHLB notes

Short-term borrowings

Schedule of short-term borrowings

Other information regarding FHLB short-term borrowings is shown in the following tables (dollars in thousands).

	Three Months Ended March 31,
	2020			2019
Average balance during the period	$	153,736		$	4,167
Average interest rate during the period		1.63	%		2.65	%
		March 31,			December 31,
		2020			2019
Average interest rate at end of period		0.50	%		1.56	%