Short-Term Borrowings

Short-term borrowings were as follows:



December 31 (In thousands)	2018		2017
Securities sold under agreements to repurchase	$	164,966	$	183,289
FHLB advances	57,000		208,000
Total short-term borrowings	$	221,966	$	391,289

The outstanding balances for all short-term borrowings as of December 31, 2018 and 2017 and the weighted-average interest rates as of and paid during each of the years then ended were as follows:



(In thousands)	Repurchase agreements			FHLB Advances
2018
Ending balance	$	164,966		$	57,000
Highest month-end balance	199,729			256,000
Average daily balance	172,774			44,553
Weighted-average interest rate:
As of year-end	0.49		%	2.45		%
Paid during the year	0.42		%	1.95		%
2017
Ending balance	$	183,289		$	208,000
Highest month-end balance	230,905			208,000
Average daily balance	205,269			23,924
Weighted-average interest rate:
As of year-end	0.41		%	1.64		%
Paid during the year	0.35		%	1.16		%

During 2017 and 2018, outstanding FHLB advances were collateralized by investment securities owned by PNB and by various loans pledged under a blanket agreement by PNB. At December 31, 2018 and 2017, $22 million and $25 million, respectively, of investment securities were pledged as collateral for FHLB advances. At December 31, 2018 and 2017, $1,646 million and $1,789 million, respectively, of commercial real estate and residential mortgage loans were pledged under a blanket agreement to the FHLB by PNB. See Note 14 - Repurchase Agreement Borrowings for information related to investment securities collateralizing repurchase agreements.