As of December 31, 2019 and 2018, short-term borrowings were comprised of the following:

(1)	Interest is payable monthly.

As of December 31, 2019, the Company’s short-term borrowings included $400.0 million in short-term FHLB fixed-rate advances with a weighted average interest rate of 2.84% and maturity dates in 2020. The short-term FHLB fixed-rate advances require monthly interest-only payments with the principal amount due on the maturity date. See “Note 8. Transfers of Financial Assets” for more information.

The table below provides selected information for short-term borrowings during the years ended December 31, 2019, 2018 and 2017:


	Year Ended December 31,
(dollars in thousands)	2019			2018			2017
Federal funds purchased:
Weighted-average interest rate at December 31,		—	%		—	%		—	%
Highest month-end balance	$	110,000		$	374,875		$	6,000
Average outstanding balance	$	16,410		$	32,987		$	1,280
Weighted-average interest rate paid		2.44	%		2.18	%		0.97	%
Securities sold under agreements to repurchase:
Weighted-average interest rate at December 31,		—	%		—	%		—	%
Highest month-end balance	$	—		$	—		$	5,951
Average outstanding balance	$	—		$	—		$	893
Weighted-average interest rate paid		—	%		—	%		0.55	%
Short-term FHLB fixed-rate advance:
Weighted-average interest rate at December 31,		2.84	%		—	%		—	%
Highest month-end balance	$	400,000		$	81,800		$	—
Average outstanding balance	$	193,425		$	6,929		$	—
Weighted-average interest rate paid		2.85	%		1.90	%		—	%

The Company treats securities sold under agreements to repurchase as collateralized financings. The Company reflects the obligations to repurchase the same or similar securities sold as liabilities, with the dollar amount of securities underlying the agreements remaining in the asset accounts. Generally, for these types of agreements, there is a requirement that collateral be maintained with a market value equal to or in excess of the principal amount borrowed. As such, the collateral pledged may be increased or decreased over time to meet contractual obligations. The securities underlying the agreements to repurchase are held in collateral accounts with a third-party custodian. The Company did not enter into any repurchase agreements in 2019 and 2018.

At December 31, 2019 and 2018, the Company had a remaining line of credit of $1.7 billion and $1.3 billion available from the FHLB, respectively, and an undrawn line of credit of $596.8 million and $671.8 million available from the FRB, respectively.