NOTE 12 Short‑Term Borrowings

Short‑term borrowings at December 31, 2019, 2018, and 2017 consisted of the following:


	Year ended
	December 31,
(dollars in thousands)	2019			2018			2017
Securities sold under agreements to repurchase
Balance as of end of period	$	—		$	—		$	—
Average daily balance		—			—			28
Maximum month-end balance		—			—			—
Weighted-average rate
During period		—	%		—	%		0.54	%
End of period		—	%		—	%		—	%
Fed funds purchased
Balance as of end of period	$	—		$	93,460		$	—
Average daily balance		61,709			86,768			33,348
Maximum month-end balance		139,605			112,260			131,260
Weighted-average rate
During period		2.54	%		2.18	%		1.33	%
End of period		—	%		2.63	%		—	%
FHLB Short-term advances
Balance as of end of period	$	—		$	—		$	30,000
Average daily balance		9,712			82			39,069
Maximum month-end balance		135,000			—			120,000
Weighted-average rate
During period		2.44	%		1.42	%		1.28	%
End of period		—	%		—	%		1.42	%

The Company had outstanding credit capacity with FHLB of $552.2 million and $424.1 million at December 31, 2019 and 2018 respectively, secured by pledged loans and investment securities. The Company also had $87.0 million of unsecured federal funds agreements with correspondent banks with no outstanding balance at December 31, 2019 and 2018. In 2019, the Company established a $15.0 million unsecured line of credit with Bank of North Dakota.