Short Term Borrowings

12 Months Ended

Dec. 31, 2020

Short-term Debt [Abstract]

Short-Term Borrowings

Short-Term Borrowings

Short-term borrowings were as follows:

December 31 (In thousands)	2020		2019
Securities sold under agreements to repurchase	$	317,230	$	175,657
FHLB advances	25,000		55,000
Total short-term borrowings	$	342,230	$	230,657

The outstanding balances for all short-term borrowings as of December 31, 2020 and 2019 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
2020
Ending balance	$	317,230		$	25,000
Highest month-end balance	317,230			25,000
Average daily balance	250,266			26,751
Weighted-average interest rate:
As of year-end	0.03		%	0.26		%
Paid during the year	0.19		%	2.38		%
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		%

During 2019 and 2020, 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, 2020 and December 31, 2019, $14 million and $18 million, respectively, of investment securities were pledged as collateral for FHLB advances. At December 31, 2020 and December 31, 2019, $1,521 million and $1,566 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.