

	December 31,
(in thousands)	2019		2018
Short-term borrowings:
Securities sold under repurchase agreements	$	10,710	$	8,923
Federal Home Loan Bank advances		180,000		380,000
		190,710		388,923
Long-term debt:
Federal Home Loan Bank advances		337,472		362,027
	$	528,182	$	750,950

Accrued interest payable on borrowed funds is included in “accrued expenses and other liabilities” in the consolidated balance sheets and amounted to $806,000 and $1,076,000 at December 31, 2019 and 2018, respectively.

Securities Sold Under Repurchase Agreements. Securities sold under repurchase agreements are short-term, fixed rate financing arrangements as of December 31, 2019.

The following table sets forth information concerning securities sold under repurchase agreements.



(dollars in thousands)	2019			2018
Average daily balance during the year	$	10,466		$	15,790
Average interest rate during the year		0.05	%		1.31	%
Maximum month-end balance during the year	$	13,525		$	18,548
Weighted average interest rate at year-end		0.05	%		0.05	%

At December 31, 2019, securities sold under repurchase agreements amounted to $10,710,000 with overnight contractual maturities and weighted average interest rates of 0.05%. The repurchase agreements are collateralized by $3.0 million of municipal securities.

Federal Home Loan Bank Advances. FHLB advances are collateralized by a blanket lien on residential and commercial mortgage loans with a lendable value of $2.4 billion and $2.3 billion at December 31, 2019 and 2018, respectively. Each advance is non-amortizing and, for those advances with a term greater than one day, subject to a prepayment penalty.



(dollars in thousands)	2019			2018
Average daily balance during the year	$	484,319		$	607,797
Average interest rate during the year		2.17	%		2.05	%
Maximum month-end balance during the year	$	782,027		$	742,027
Weighted average interest rate at year-end		2.00	%		2.34	%

The following table sets forth as of December 31, 2019 the contractual maturities and weighted average interest rates of FHLB advances for each of the next five years and the period thereafter.



Contractual Maturity (dollars in thousands)	Amount		Weighted ‎Average ‎Rate
Overnight	$	130,000	1.81	%
2020		132,750	1.87
2021		54,225	1.90
2022		124,817	2.14
2023		55,680	2.54
2024		10,000	1.89
After 2024		10,000	2.12
		387,472	2.06
	$	517,472	2.00	%

Other Borrowings. The Bank had no other borrowings at December 31, 2019 or 2018. In 2019 and 2018, the average balance of other borrowings was de minimus.