Short-Term Borrowings

12 Months Ended

Dec. 31, 2017

15. SHORT-TERM BORROWINGS

Borrowings with original maturities of one year or less are classified as short-term and include federal funds purchased and other short-term borrowings. Federal funds purchased are excess balances in reserve accounts held at the FRB that the Bancorp purchased from other member banks on an overnight basis. Other short-term borrowings include securities sold under repurchase agreements, derivative collateral, FHLB advances and other borrowings with original maturities of one year or less.


The following table summarizes short-term borrowings and weighted-average rates:

	2017				2016
($ in millions)		Amount	Rate			Amount	Rate
As of December 31:
Federal funds purchased	$	174	1.37	%	$	132	0.61	%
Other short-term borrowings		4,012	1.28			3,535	0.54
Average for the years ended December 31:
Federal funds purchased	$	557	1.01	%	$	506	0.39	%
Other short-term borrowings		3,158	0.96			2,845	0.36
Maximum month-end balance for the years ended December 31:
Federal funds purchased	$	1,495			$	739
Other short-term borrowings		6,307				6,374


The following table presents a summary of the Bancorp's other short-term borrowings as of December 31:

($ in millions)		2017	2016
FHLB advances	$	3,125	2,500
Securities sold under repurchase agreements		546	661
Derivative collateral		341	374
Total other short-term borrowings	$	4,012	3,535

The Bancorp’s securities sold under repurchase agreements are accounted for as secured borrowings and are collateralized by securities included in available-for-sale and other securities in the Consolidated Balance Sheets. These securities are subject to changes in market value and, therefore, the Bancorp may increase or decrease the level of securities pledged as collateral based upon these movements in market value. As of both December 31, 2017 and 2016, all securities sold under repurchase agreements were secured by agency residential mortgage-backed securities with an overnight remaining contractual maturity.