As of December 31, 2020 and 2019, short-term borrowings were comprised of the following:

(1)	Interest is payable monthly.

As of December 31, 2020, the Company had no short-term borrowings as the short-term FHLB fixed-rate advances matured in 2020. 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%. The short-term FHLB fixed-rate advances required monthly interest-only payments with the principal amount due on the maturity date. At December 31, 2020 and 2019, the Company had a remaining line of credit of $2.0 billion and $1.7 billion available from the FHLB, respectively. The FHLB fixed-rate advances and remaining borrowing capacity were secured by residential real estate loan collateral as of December 31, 2020 and 2019. As of December 31, 2020 and 2019, the Company had an undrawn line of credit of $1.1 billion and $596.8 million available from the FRB, respectively. The borrowing capacity with the FRB was secured by consumer, commercial and industrial, commercial real estate and residential mortgage loans as of December 31, 2020 and 2019. 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, 2020, 2019 and 2018:


	Year Ended December 31,
(dollars in thousands)	2020			2019			2018
Federal funds purchased:
Weighted-average interest rate at December 31,		—	%		—	%		—	%
Highest month-end balance	$	—		$	110,000		$	374,875
Average outstanding balance	$	1,366		$	16,410		$	32,987
Weighted-average interest rate paid		0.43	%		2.44	%		2.18	%
Short-term FHLB fixed-rate advance:
Weighted-average interest rate at December 31,		—	%		2.84	%		—	%
Highest month-end balance	$	400,000		$	400,000		$	81,800
Average outstanding balance	$	208,197		$	193,425		$	6,929
Weighted-average interest rate paid		2.88	%		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 2020 and 2019.