The following table presents information concerning short-term borrowing at and for the years ended December 31, 2019 and 2018:

	December 31,
(in thousands)	2019			2018
Federal funds purchased:
Amount outstanding at period end	$	195,450		$	425
Average amount outstanding during period		49,297			39,968
Maximum amount at any month end during period		202,933			100,925
Weighted-average interest at period end		1.60	%		2.00	%
Weighted-average interest rate during period		2.30	%		2.11	%
Securities sold under agreements to repurchase:
Amount outstanding at period end	$	484,422		$	428,599
Average amount outstanding during period		493,344			456,000
Maximum amount at any month end during period		518,042			500,345
Weighted-average interest at period end		0.54	%		0.32	%
Weighted-average interest rate during period		0.52	%		0.23	%
FHLB borrowings:
Amount outstanding at period end	$	2,035,000		$	1,160,104
Average amount outstanding during period		1,399,503			1,694,804
Maximum amount at any month end during period		1,941,774			2,410,258
Weighted-average interest at period end		1.17	%		2.48	%
Weighted-average interest rate during period		1.96	%		2.02	%

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 presented in the consolidated balance sheets. Because the Company acts as a borrower transferring assets to the counterparty, and the agreements mature daily, the Company’s risk is limited.

The $2.0 billion of FHLB borrowings at December 31, 2019 consists of two notes, one fixed and one variable rate, totaling $775 million that mature in 2020; three fixed rate non-amortizing puttable notes totaling $800 million that mature in 2034 that are classified as short-term as the FHLB has the option to put (terminate) the advance prior to maturity; and four variable rate notes totaling $460 million maturing from 2025 to 2026. These four variable rate notes reset monthly or quarterly and may be repaid at our option, either in whole or in part at par, on any reset date, subject to advanced notice of no less than two days before the reset date and, therefore, are classified as short-term borrowings.