Borrowings

At December 31, 2018, the Company's borrowings primarily consisted of federal funds purchased, securities sold under agreements to repurchase (repurchase agreements), and securities sold short. The following table sets forth selected information for federal funds purchased and repurchase agreements.



(Dollars in thousands)	Year End Weighted Rate		Average Weighted Rate		Average Balance Outstanding		Maximum Outstanding at any Month End		Balance at December 31
Federal funds purchased and repurchase agreements:
2018	.9	%	1.3	%	$	1,514,144	$	1,981,761	$	1,956,389
2017	.8		.7		1,462,387		1,984,071		1,507,138
2016	.4		.3		1,266,093		1,723,905		1,723,905

Federal funds purchased and repurchase agreements comprised the majority of the Company's short-term borrowings (borrowings with an original maturity of less than one year) at December 31, 2018, and $1.9 billion of these borrowings were repurchase agreements, which generally have one day maturities and are mainly comprised of non-insured customer funds secured by a portion of the Company's investment portfolio. Additional information about the securities pledged for repurchase agreements is provided in Note 19 on Resale and Repurchase Agreements.

In addition to federal funds purchased and repurchase agreements, the Company's short-term borrowings at December 31, 2018 included $7.8 million of securities sold short.

The Bank is a member of the Des Moines FHLB and has access to term financing from the FHLB. These borrowings are secured under a blanket collateral agreement including primarily residential mortgages as well as all unencumbered assets and stock of the borrowing bank. At December 31, 2018, the Bank had no outstanding advances from the FHLB. The FHLB also issues letters of credit to secure the Bank's obligations to certain depositors of public funds, which totaled $217.4 million at December 31, 2018.