Short Term Borrowings

12 Months Ended

Dec. 31, 2019

Short-term borrowings were as follows:


December 31 (In thousands)	2019		2018
Securities sold under agreements to repurchase	$	175,657	$	164,966
FHLB advances	55,000		57,000
Total short-term borrowings	$	230,657	$	221,966

The outstanding balances for all short-term borrowings as of December 31, 2019 and 2018 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
2019
Ending balance	$	175,657		$	55,000
Highest month-end balance	207,079			205,000
Average daily balance	168,449			47,371
Weighted-average interest rate:
As of year-end	0.73		%	1.73		%
Paid during the year	0.66		%	2.89		%
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		%

During 2018 and 2019, 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, 2019 and December 31, 2018, $18 million and $22 million, respectively, of investment securities were pledged as collateral for FHLB advances. At December 31, 2019 and December 31, 2018, $1,566 million and $1,646 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.