10. Short-Term Borrowings

At December 31, 2017 and 2016, short-term borrowings were comprised of the following:


(dollars in thousands)	2017		2016
Federal funds purchased	$	—	$	—
Securities sold under agreements to repurchase		—		9,151
Total short-term borrowings	$	—	$	9,151

The table below provides selected information for short-term borrowings for the years ended December 31, 2017, 2016 and 2015:


	Year Ended December 31,
(dollars in thousands)	2017			2016			2015
Federal funds purchased:
Weighted-average interest rate at December 31,		—	%		—	%		—	%
Highest month-end balance	$	6,000		$	—		$	8,000
Average outstanding balance	$	1,280		$	610		$	4,727
Weighted-average interest rate paid		0.97	%		0.25	%		0.05	%
Securities sold under agreements to repurchase:
Weighted-average interest rate at December 31,		—	%		0.54	%		0.11	%
Highest month-end balance	$	5,951		$	235,451		$	520,740
Average outstanding balance	$	893		$	112,937		$	376,902
Weighted-average interest rate paid		0.55	%		0.17	%		0.05	%

The Company treats securities sold under agreements to repurchase as collateralized financings. The Company reflects the obligations to repurchase the same or similar securities sold as liabilities, with the dollar amount of securities underlying the agreements remaining in the asset accounts. Generally, for these types of agreements, there is a requirement that collateral be maintained with a market value equal to or in excess of the principal amount borrowed. As such, the collateral pledged may be increased or decreased over time to meet contractual obligations. The securities underlying the agreements to repurchase are held in collateral accounts with a third-party custodian.

At December 31, 2017, the Company had $1.8 billion and $688.7 million in lines of credit available from the FHLB and the FRB, respectively. None of the lines available were drawn upon as of December 31, 2017.