Short-Term Debt

12 Months Ended

Dec. 31, 2019

SHORT-TERM DEBT

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



	2019			2018			2017

Balance at end of year:
Federal Home Loan Bank advances	$	—		$	40,000		$	54,000
Securities sold under agreements to repurchase	211,255			221,911			198,219
Federal Funds purchased	—			—			—

Avg. outstanding during the year:
Federal Home Loan Bank advances	$	10,752		$	74,102		$	46,639
Securities sold under agreements to repurchase	200,697			190,702			183,890
Federal Funds purchased	3			353			—

Max. outstanding at any month end:
Federal Home Loan Bank advances	$	154,000		$	185,000		$	126,500
Securities sold under agreements to repurchase	226,603			221,911			257,034
Federal Funds purchased	—			10,000			—

Weighted-average interest rate:
During the year:
Federal Home Loan Bank advances	2.72		%	2.21		%	1.30		%
Securities sold under agreements to repurchase	1.59			0.93			0.33
Federal Funds purchased	2.84			2.10			—
End of the year:
Federal Home Loan Bank advances	1.85		%	2.76		%	1.57		%
Securities sold under agreements to repurchase	1.51			0.80			0.31
Federal Funds purchased	—			—			—

Through City National, the Company has approximately 41,000 shares of Federal Home Loan Bank (“FHLB”) stock at par value as of December 31, 2019. 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 $2.3 billion at December 31, 2019 and $2.1 billion at December 31, 2018 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 Twelve) City National had an additional $1.9 billion available from unused portions of lines of credit with the FHLB and other financial institutions at December 31, 2019 and 2018.

Securities sold under agreements to repurchase consist of securities with overnight and continuous maturities.