Short-Term Borrowings

12 Months Ended

Dec. 31, 2018

SHORT-TERM BORROWINGS

Short-term borrowings at December 31 are summarized as follows:



(Dollars in thousands)	2018		2017
Federal Home Loan Bank advances	$	1,167,000	$	475,000
Securities sold under agreements to repurchase	315,882		516,297
	$	1,482,882	$	991,297

The levels of FHLB advances and securities sold under agreements to repurchase can fluctuate significantly on a day-to-day basis, depending on funding needs and which sources are used to satisfy those needs. All such arrangements are considered typical of the banking and brokerage industries and are accounted for as borrowings.

Securities sold under agreements to repurchase, which are classified as secured borrowings, generally mature daily and are reflected at the amount of cash received in connection with the transaction. The Company may be required to provide additional collateral based on the fair value of the underlying securities.

Additional information on the Company’s short-term borrowings for the years indicated is as follows:



(Dollars in thousands)	2018			2017
Outstanding at December 31	$	1,482,882		$	991,297
Maximum month-end outstanding balance	1,482,882			2,197,105
Average daily outstanding balance	1,052,088			905,755
Average rate during the year	1.40		%	0.83		%
Average rate at year end	2.12		%	0.82		%