Short-term Borrowings (Tables)

6 Months Ended

Jun. 30, 2020

Short-term borrowings

Schedule of short-term borrowings

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

	June 30,		December 31,
	2020		2019
Federal funds purchased	$	135,650	$	81,625
Securities sold under agreements to repurchase		352,150		612,125
Federal Home Loan Bank		—		600,000
Short-term bank loans		15,000		111,000
Commercial paper		217,364		19,260
	$	720,164	$	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).

	Six Months Ended June 30,
	2020			2019
Average balance during the period	$	605,396		$	621,268
Average interest rate during the period		1.29	%		2.54	%
	June 30,			December 31,
	2020			2019
Average interest rate at end of period		0.48	%		1.97	%
Securities underlying the agreements at end of period:
Carrying value	$	360,743		$	612,515
Estimated fair value	$	386,732		$	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).

	Six Months Ended June 30,
	2020			2019
Average balance during the period	$	77,692		$	159,945
Average interest rate during the period		1.62	%		2.47	%
		June 30,			December 31,
		2020			2019
Average interest rate at end of period		—	%		1.56	%