Short-Term Borrowings

12 Months Ended

Dec. 31, 2019

SHORT-TERM BORROWINGS

Following is a summary of short-term borrowings:

TABLE 12.1



December 31	2019		2018
(in millions)
Securities sold under repurchase agreements	$	278	$	251
Federal Home Loan Bank advances	2,255		2,230
Federal funds purchased	575		1,535
Subordinated notes	108		113
Total short-term borrowings	$	3,216	$	4,129

Borrowings with original maturities of one year or less are classified as short-term. Securities sold under repurchase agreements are comprised of customer repurchase agreements, which are sweep accounts with next-day maturities utilized by larger commercial customers to earn interest on their funds. Securities are pledged to these customers in an amount at least equal to the outstanding balance. Of the total short-term FHLB advances, there were no overnight maturities as of December 31, 2019. Of the total short-term FHLB advances as of December 31, 2018, 57.2% had overnight maturities. At December 31, 2019, $1.5 billion, or 64.5%, of the short-term FHLB advances were swapped to a fixed rate with maturities in 2020. This compares to $1.0 billion, or 42.8%, as of December 31, 2018.

The following represents weighted average interest rates on short-term borrowings:

TABLE 12.2



December 31	2019		2018		2017
Year-to-date average	2.24	%	1.89	%	1.16	%
Period-end	1.76	%	2.49	%	1.44	%