SHORT-TERM DEBT

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



	2018			2017			2016

Balance at end of year:
Federal Home Loan Bank advances	$	40,000		$	54,000		$	64,100
Securities sold under agreements to repurchase	221,911			198,219			184,205
Federal Funds purchased	—			—			—

Avg. outstanding during the year:
Federal Home Loan Bank advances	$	74,102		$	46,639		$	18,850
Securities sold under agreements to repurchase	190,702			183,890			157,215
Federal Funds purchased	353			—			—

Max. outstanding at any month end:
Federal Home Loan Bank advances	$	185,000		$	126,500		$	88,600
Securities sold under agreements to repurchase	221,911			257,034			184,205
Federal Funds purchased	10,000			—			—

Weighted-average interest rate:
During the year:
Federal Home Loan Bank advances	2.21		%	1.30		%	0.66		%
Securities sold under agreements to repurchase	0.93			0.33			0.22
Federal Funds purchased	2.10			—			—
End of the year:
Federal Home Loan Bank advances	2.76		%	1.57		%	0.77		%
Securities sold under agreements to repurchase	0.80			0.31			0.19
Federal Funds purchased	—			—			—

Through City National, the Company has approximately 64,000 shares of Federal Home Loan Bank (“FHLB”) stock at par value as of December 31, 2018. Purchases of FHLB stock 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 $2.1 billion at December 31, 2018 and $2.0 billion at December 31, 2017 in investment securities and 1-4 family residential property loans. In addition to the short-term financing discussed above and long-term financing (see Note Eleven) City National had an additional $1.9 billion and $1.6 billion available from unused portions of lines of credit with the FHLB and other financial institutions at December 31, 2018 and 2017, respectively.