Short-Term Borrowings (Tables)

12 Months Ended

Dec. 31, 2019

Funds Purchased and Securities Sold Under Agreements to Repurchase and Weighted-Average Interest Rates

At December 31, 2019 and 2018, short-term borrowings and the related weighted-average interest rates were as follows:

	2019					2018
			Weighted-						Weighted-
(Dollars in thousands)			Average						Average
	Amount		Rate			Amount			Rate
Federal funds purchased	$	0		0.00	%	$	23,400			2.40	%
Securities sold under agreements to repurchase		124,654		1.09	%		152,927	(1)		0.96	%(1)
Total	$	124,654				$	176,627

(1) Excludes a wholesale security sold under an agreement to repurchase of $50,000 assumed in the Virginia Commerce merger that matured in May of 2018.

Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Member]

Funds Purchased and Securities Sold Under Agreements to Repurchase and Weighted-Average Interest Rates

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:
2019	$	0	$	124,654
2018		23,400		152,927
2017		16,235		261,352

(Dollars in thousands)	Federal Funds     Purchased			Securities Sold   Under Agreements   To Repurchase
Weighted-average interest rate at year-end:
2019		0.00	%		1.09	%
2018		2.40	%		0.96	%
2017		1.40	%		0.36	%
Maximum amount outstanding at any month’s end:
2019	$	0		$	161,175
2018		25,790			328,484
2017		25,800			377,687
Average amount outstanding during the year:
2019	$	1,899		$	131,187
2018		16,773			194,956
2017		18,433			287,663
Weighted-average interest rate during the year:
2019		2.52	%		1.33	%
2018		1.86	%		0.61	%
2017		0.88	%		0.33	%