Borrowings (Tables)

9 Months Ended

Sep. 30, 2018

Borrowings

Schedule of distribution of securities sold under agreements to repurchase and short-term borrowings and weighted average interest rates

The following table sets forth the distribution of securities sold under agreements to repurchase and short-term borrowings and weighted average interest rates (dollars in thousands):

	September 30,			December 31,
	2018			2017
Securities sold under agreements to repurchase
Balance at end of period	$	255,906		$	304,566
Weighted average interest rate at end of period		0.85	%		0.57	%
Maximum outstanding at any month end in year-to-date period	$	267,596		$	304,566
Average daily balance for the year-to-date period	$	242,268		$	213,527
Weighted average interest rate during period(1)		0.62	%		0.46	%
Short-term borrowings, FHLB advances
Balance at end of period	$	200,000		$	220,000
Weighted average interest rate at end of period		2.24	%		1.42	%
Maximum outstanding at any month end in year-to-date period	$	225,000		$	234,600
Average daily balance for the year-to-date period	$	93,022		$	84,201
Weighted average interest rate during period(1)		1.73	%		1.20	%

(1) The weighted average interest rate is computed by dividing total annualized interest for the year-to-date period by the average daily balance outstanding.

Summary of long-term debt

Long-term debt is summarized as follows (dollars in thousands):

	September 30,		December 31,
	2018		2017
Notes payable, FHLB, ranging in original maturity from nineteen months to ten years, collateralized by FHLB deposits, residential and commercial real estate loans and FHLB stock.	$	50,000	$	50,000