Short-Term Borrowings

12 Months Ended

Dec. 31, 2018

Short-Term Borrowings [Abstract]

Short-Term Borrowings

Note 8. Short-Term Borrowings

The following table presents information concerning short-term borrowing at and for the years ended December 31, 2018 and 2017:

	December 31,
(in thousands)	2018		2017
Federal funds purchased:
Amount outstanding at period end	$	425	$	140,754
Average amount outstanding during period		39,968		27,063
Maximum amount at any month end during period		100,925		140,754
Weighted-average interest at period end		2.00%		1.00%
Weighted-average interest rate during period		2.11%		1.37%
Securities sold under agreements to repurchase:
Amount outstanding at period end	$	428,599	$	430,569
Average amount outstanding during period		456,000		501,719
Maximum amount at any month end during period		500,345		587,569
Weighted-average interest at periodend		0.32%		0.17%
Weighted-average interest rate during period		0.23%		0.12%
FHLB borrowings:
Amount outstanding at period end	$	1,160,104	$	1,132,567
Average amount outstanding during period		1,694,804		1,478,114
Maximum amount at any month end during period		2,410,258		2,061,652
Weighted-average interest at period end		2.48%		1.35%
Weighted-average interest rate during period		2.02%		1.00%

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 $1.2 billion of FHLB borrowings at December 31, 2018 consists of three fixed rate notes totaling $250 million that mature in 2019, and six variable rate notes totaling $910 million maturing from 2020 to 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.