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Borrowings
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Borrowings
NOTE 11 – Borrowings
People’s United’s borrowings are summarized as follows:
20192018
As of December 31 (dollars in millions)AmountWeighted-
Average Rate		AmountWeighted-
Average Rate
Fixed-rate FHLB advances maturing:
Within 1 month$3,060.8  1.79 %$2,270.3  2.59 %
After 1 month but within 1 year44.8  1.79  61.0  1.76  
After 1 but within 2 years6.8  2.11  54.2  1.75  
After 2 but within 3 years1.2  0.51  6.8  2.11  
After 3 but within 4 years0.6  0.05  1.3  0.52  
After 4 but within 5 years—  —  0.6  0.05  
After 5 years11.2  1.50  10.3  1.64  
Total FHLB advances3,125.4  1.79  2,404.5  2.54  
Federal funds purchased maturing:
Within 1 month1,620.0  1.61  845.0  2.53  
Total federal funds purchased1,620.0  1.61  845.0  2.53  
Customer repurchase agreements maturing:
Within 1 month409.1  0.69  332.9  0.61  
Total customer repurchase agreements409.1  0.69  332.9  0.61  
Other borrowings maturing:
Within 1 year—  —  11.0  2.40  
Total other borrowings—  —  11.0  2.40  
Total borrowings$5,154.5  1.64 %$3,593.4  2.36 %
At December 31, 2019, the Bank’s total borrowing capacity from (i) the FHLB of Boston and the FRB-NY for advances and (ii) repurchase agreements was $12.7 billion based on the level of qualifying collateral available for these borrowings. In addition, the Bank had unsecured borrowing capacity of $1.7 billion at that date. FHLB advances are secured by the Bank’s investment in FHLB stock and by a security agreement that requires the Bank to maintain, as collateral, sufficient qualifying assets not otherwise pledged (principally single-family residential mortgage loans, home equity lines of credit and loans, and commercial real estate loans).
Interest expense on borrowings consists of the following:
Years ended December 31 (in millions)201920182017
FHLB advances$50.1  $54.5  $31.5  
Federal funds purchased24.6  13.6  7.1  
Customer repurchase agreements2.2  1.0  0.6  
Other borrowings0.1  1.8  2.1  
Total$77.0  $70.9  $41.3  
Information concerning People’s United’s borrowings is presented below:
As of and for the years ended December 31 (dollars in millions)201920182017
FHLB advances:
Balance at year end$3,125.4  $2,404.5  $2,774.4  
Average outstanding during the year2,098.0  2,653.6  2,677.5  
Maximum outstanding at any month end3,125.5  3,510.1  3,130.8  
Average interest rate during the year2.39 %2.05 %1.17 %
Federal funds purchased:
Balance at year end$1,620.0  $845.0  $820.0  
Average outstanding during the year1,127.5  682.2  643.5  
Maximum outstanding at any month end1,665.0  855.0  820.0  
Average interest rate during the year2.18 %2.00 %1.11 %
Customer repurchase agreements:
Balance at year end$409.1  $332.9  $301.6  
Carrying amount of collateral securities at year end418.0  342.3  307.7  
Average outstanding during the year296.6  252.7  311.0  
Maximum outstanding at any month end409.1  332.9  331.6  
Average interest rate during the year0.75 %0.40 %0.19 %
Other borrowings:
Balance at year end$—  $11.0  $207.8  
Average outstanding during the year3.3  104.5  132.0  
Maximum outstanding at any month end10.4  207.6  237.4  
Average interest rate during the year1.87 %1.66 %1.60 %