Borrowings (Tables)

12 Months Ended

Dec. 31, 2019

People’s United’s borrowings are summarized as follows:


	2019						2018
As of December 31 (dollars in millions)	Amount		Weighted- Average Rate		Amount		Weighted- 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 year	44.8		1.79		61.0		1.76
After 1 but within 2 years	6.8		2.11		54.2		1.75
After 2 but within 3 years	1.2		0.51		6.8		2.11
After 3 but within 4 years	0.6		0.05		1.3		0.52
After 4 but within 5 years	—		—		0.6		0.05
After 5 years	11.2		1.50		10.3		1.64
Total FHLB advances	3,125.4		1.79		2,404.5		2.54
Federal funds purchased maturing:
Within 1 month	1,620.0		1.61		845.0		2.53
Total federal funds purchased	1,620.0		1.61		845.0		2.53
Customer repurchase agreements maturing:
Within 1 month	409.1		0.69		332.9		0.61
Total customer repurchase agreements	409.1		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	%

Interest expense on borrowings consists of the following:


Years ended December 31 (in millions)	2019		2018		2017
FHLB advances	$	50.1	$	54.5	$	31.5
Federal funds purchased	24.6		13.6		7.1
Customer repurchase agreements	2.2		1.0		0.6
Other borrowings	0.1		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)	2019			2018			2017
FHLB advances:
Balance at year end	$	3,125.4		$	2,404.5		$	2,774.4
Average outstanding during the year	2,098.0			2,653.6			2,677.5
Maximum outstanding at any month end	3,125.5			3,510.1			3,130.8
Average interest rate during the year	2.39		%	2.05		%	1.17		%
Federal funds purchased:
Balance at year end	$	1,620.0		$	845.0		$	820.0
Average outstanding during the year	1,127.5			682.2			643.5
Maximum outstanding at any month end	1,665.0			855.0			820.0
Average interest rate during the year	2.18		%	2.00		%	1.11		%
Customer repurchase agreements:
Balance at year end	$	409.1		$	332.9		$	301.6
Carrying amount of collateral securities at year end	418.0			342.3			307.7
Average outstanding during the year	296.6			252.7			311.0
Maximum outstanding at any month end	409.1			332.9			331.6
Average interest rate during the year	0.75		%	0.40		%	0.19		%
Other borrowings:
Balance at year end	$	—		$	11.0		$	207.8
Average outstanding during the year	3.3			104.5			132.0
Maximum outstanding at any month end	10.4			207.6			237.4
Average interest rate during the year	1.87		%	1.66		%	1.60		%