(8) Federal funds purchased and securities sold under agreements to repurchase

Information relating to federal funds purchased and repurchase agreements is as follows:


	Year End		Average		Average		Maximum
	Weighted		Weighted		Balance		Outstanding at		Balance at
(in thousands)	Rate		Rate		Outstanding		any Month End		December 31,
2018
Federal funds purchased	2.64	%	2.29	%	$	1,242	$	12,863	$	8,000
Short-term repurchase agreements - Bank	0.35		0.67			27,142		36,103		16,647
Short-term repurchase agreements - Company	—		3.51			11,180		25,944		—
Total					$	39,564	$	74,910	$	24,647
2017
Federal funds purchased	1.64	%	0.99	%	$	322	$	1,067	$	—
Short-term repurchase agreements	0.29		0.38			29,190		32,555		27,560
Total					$	29,512	$	33,622	$	27,560

The securities underlying the agreements to repurchase are under the control of the Bank. All securities sold under agreements to repurchase are secured by a portion of the Bank's investment portfolio. Under agreements with unaffiliated banks, the Bank may borrow federal funds up to $42.0 million on an unsecured basis and $16.4 million on a secured basis at December 31, 2018.

During 2018, the Company had purchased U.S. Treasury securities with repurchase agreements in order to generate capital gains to offset capital losses expiring in 2018 and 2019. See Note 10 Income taxes for further discussion.

The Company offers a sweep account program whereby amounts in excess of an established limit are “swept” from the customer's demand deposit account on a daily basis into retail repurchase agreements pursuant to individual repurchase agreements between the Company and its customers. Repurchase agreements are agreements to sell securities subject to an obligation to repurchase the same or similar securities. They are accounted for as collateralized financing transactions, not as sales and purchases of the securities portfolio. The securities collateral pledged for the repurchase agreements with customers is maintained by a designated third party custodian. The collateral amounts pledged to repurchase agreements by remaining maturity in the table below are limited to the outstanding balances of the related asset or liability; thus amounts of excess collateral are not shown.


Repurchase Agreements	Remaining Contractual Maturity of the Agreements
	Overnight		Less		Greater
	and		than		than
(in thousands)	continuous		90 days		90 days		Total
At December 31, 2018
U.S. Treasury	$	1,464	$	—	$	—	$	1,464
Government sponsored enterprises		12,976		—		—		12,976
Asset-backed securities		2,207		—		—		2,207
Total	$	16,647	$	—	$	—	$	16,647

At December 31, 2017
U.S. Treasury	$	1,964	$	—	$	—	$	1,964
U.S. government and federal agency obligations		2,977		—		—		2,977
Government sponsored enterprises		8,382		—		—		8,382
Asset-backed securities		14,237		—		—		14,237
Total	$	27,560	$	—	$	—	$	27,560