NOTE J—SHORT-TERM BORROWINGS

At December 31, 2017 and 2016, short-term borrowings and the related weighted-average interest rates were as follows:


	2017						2016
				Weighted-						Weighted-
(Dollars in thousands)				Average						Average
	Amount			Rate			Amount			Rate
Federal funds purchased	$	16,235			1.40	%	$	22,235			0.65	%
Securities sold under agreements to repurchase		261,352	⁽¹⁾		0.36	%⁽¹⁾		187,316	⁽¹⁾		0.25	%⁽¹⁾

Total	$	277,587					$	209,551

(1)

Excludes a wholesale security sold under an agreement to repurchase assumed in the Virginia Commerce merger of $50,000 with an interest rate of 4.37% at December 31, 2017 and 2016 and scheduled to mature in May of 2018.

Federal funds purchased and securities sold under agreements to repurchase have been a significant source of funds for the company. United has various unused lines of credit available from certain of its correspondent banks in the aggregate amount of $180,000,000. These lines of credit, which bear interest at prevailing market rates, permit United to borrow funds in the overnight market, and are renewable annually subject to certain conditions.

The following table shows the distribution of United’s federal funds purchased and securities sold under agreements to repurchase and the weighted-average interest rates thereon at the end of each of the last three years. Also provided are the maximum amount of borrowings and the average amounts of borrowings as well as weighted-average interest rates for the last three years. The table does not include the long-term wholesale security sold under an agreement to repurchase mentioned above assumed in the Virginia Commerce merger.


(Dollars in thousands)	Federal Funds Purchased		Securities Sold Under Agreements To Repurchase
At December 31:
2017	$	16,235	$	261,352
2016		22,235		187,316
2015		22,230		290,798


(Dollars in thousands)	Federal Funds Purchased			Securities Sold Under Agreements To Repurchase
Weighted-average interest rate at year-end:
2017		1.40	%		0.36	%
2016		0.65	%		0.25	%
2015		0.25	%		0.15	%
Maximum amount outstanding at any month’s end:
2017	$	25,800		$	377,687
2016		32,200			353,833
2015		52,000			379,818
Average amount outstanding during the year:
2017	$	18,433		$	287,663
2016		22,717			298,494
2015		38,526			283,011
Weighted-average interest rate during the year:
2017		0.88	%		0.33	%
2016		0.32	%		0.17	%
2015		0.21	%		0.10	%

At December 31, 2017, all the repurchase agreements were in overnight accounts. The rates offered on these funds vary according to movements in the federal funds and short-term investment market rates.

United has a $20,000,000 line of credit with an unrelated financial institution to provide for general liquidity needs. The line is an unsecured, revolving line of credit. The line is renewable on a 360 day basis and carries an indexed, floating-rate of interest. The line requires compliance with various financial and nonfinancial covenants. At December 31, 2017, United had no outstanding balance under this credit.

Interest paid on short-term borrowings approximated $1,574,000, $1,587,000, and $835,000 in 2017, 2016 and 2015, respectively.