Short-Term Borrowings

12 Months Ended

Dec. 31, 2017

Short-Term Borrowings [Abstract]

Short-Term Borrowings

Note 8. Short-Term Borrowings

The following table presents information concerning short-term borrowing as of December 31, 2017 and 2016:

	December 31,
(in thousands)	2017		2016
Federal funds purchased:
Amount outstanding at period end	$	140,754	$	2,275
Average amount outstanding during period		27,063		14,052
Maximum amount at any month end during period		140,754		59,475
Weighted-average interest at period end		1.00%		0.38%
Weighted-average interest rate during period		1.37%		0.50%
Securities sold under agreements to repurchase:
Amount outstanding at period end	$	430,569	$	358,131
Average amount outstanding during period		501,719		454,571
Maximum amount at any month end during period		587,569		579,099
Weighted-average interest at period end		0.17%		0.04%
Weighted-average interest rate during period		0.12%		0.03%
FHLB borrowings:
Amount outstanding at period end	$	1,132,567	$	865,000
Average amount outstanding during period		1,478,114		943,570
Maximum amount at any month end during period		2,061,652		1,175,000
Weighted-average interest at period end		1.35%		0.54%
Weighted-average interest rate during period		1.00%		0.41%

Federal funds purchased represent unsecured borrowings from other banks, generally on an overnight basis.

Securities sold under agreements to repurchase (“repurchase agreements”) are funds borrowed on a secured basis by selling securities under agreements to repurchase, mainly in connection with treasury-management services offered to deposit customers. The customer repurchase agreements mature daily and are secured by agency securities. As the Company maintains effective control over assets sold under agreements to repurchase, the securities continue to be carried on the consolidated statements of financial condition. Because the Company acts as borrower transferring assets to the counterparty, and the agreements mature daily, the Company’s risk is very limited.

The $1.1 billion of FHLB borrowings at December 31, 2017 consists of sixfixed rate notes totaling $223 million, all of which mature in 2018, and sixvariable rate notes totaling $910 million, of which $450 million mature in 2020,  $200 million mature in 2025 and $260 million mature in 2026. These notes reprice monthly or quarterly and may be repaid at our option, either in whole or in part, on any monthly repricing date, subject to a two week advanced notice.