SHORT-TERM DEBT

A summary of the Company's short-term borrowings are as follows (dollars in thousands):



	2017			2016			2015

Balance at end of year:
Federal Home Loan Bank advances	$	54,000		$	64,100		$	13,000
Securities sold under agreements to repurchase	198,219			184,205			141,869

Avg. outstanding during the year:
Federal Home Loan Bank advances	$	46,639		$	18,850		$	1,159
Securities sold under agreements to repurchase	183,890			157,215			143,847
Federal Funds purchased	—			—			193

Max. outstanding at any month end:
Federal Home Loan Bank advances	$	126,500		$	88,600		$	13,000
Securities sold under agreements to repurchase	257,034			184,205			166,507

Weighted-average interest rate:
During the year:
Federal Home Loan Bank advances	1.30		%	0.66		%	0.53		%
Securities sold under agreements to repurchase	0.33			0.22			0.22
Federal Funds purchased	—			—			0.64
End of the year:
Federal Home Loan Bank advances	1.57		%	0.77		%	0.51		%
Securities sold under agreements to repurchase	0.31			0.19			0.20

Through City National, the Company has purchased 59,087 shares of Federal Home Loan Bank (“FHLB”) stock at par value as of December 31, 2017. Such purchases are required based on City National’s maximum borrowing capacity with the FHLB. Additionally, FHLB stock entitles the Company to dividends declared by the FHLB and provides an additional source of short-term and long-term funding, in the form of collateralized advances. Financing obtained from the FHLB is based, in part, on the amount of qualifying collateral available, specifically 1-4 family residential mortgages, other residential mortgages, and commercial real estate and other non-residential mortgage loans. Collateral pledged to the FHLB included approximately $2.0 billion at December 31, 2017 and $1.9 billion at December 31, 2016 in investment securities and one-to-four-family residential property loans. In addition to the short-term financing discussed above and long-term financing (see Note Ten) City National had an additional $1.6 billion available from unused portions of lines of credit with the FHLB and other financial institutions at both December 31, 2017 and 2016.