Short-Term Borrowings

3 Months Ended

Mar. 31, 2018

(8) Short-Term Borrowings

Short-term borrowings, which consist of federal funds purchased and other short-term borrowings are included in Federal Home Loan Bank advances on the Consolidated Balance Sheets and are summarized as follows:

	At March 31, 2018					At December 31, 2017
	Federal Funds Purchased		Short-term Borrowings			Federal Funds Purchased			Short-term Borrowings
Outstanding balance	$	—	$	55,000		$	—		$	56,900
Maximum indebtedness		—		78,400			20,000			115,050
Average balance		—		29,717			119			38,825
Average rate paid		—		1.47	%		1.68	%		1.12	%
Interest rate on balance		—		1.72	%		—			1.42	%

Average balance during the period represents daily averages. Average rate paid represents interest expense divided by the related average balances.

These borrowing transactions can range from overnight to six months in maturity. The average maturity was one day at March 31, 2018 and December 31, 2017.

Securities sold under agreements to repurchase are used to facilitate the needs of our customers as well as to facilitate our short-term funding needs. Securities sold under repurchase agreements are carried at the amount of cash received in association with the agreement. We continuously monitor the collateral levels and may be required, from time to time, to provide additional collateral based on the fair value of the underlying securities. Securities pledged as collateral under repurchase agreements are maintained with our safekeeping agents.

The following table presents detail regarding the securities pledged as collateral under repurchase agreements as of March 31, 2018 and December 31, 2017. All of the repurchase agreements are overnight agreements.

	March 31, 2018		December 31, 2017
Securities pledged for repurchase agreements:
U.S. Treasury securities	$	778	$	874
Obligations of U.S. government agencies		16,674		20,881
Total securities pledged	$	17,452	$	21,755
Gross amount of recognized liabilities for repurchase agreements	$	17,452	$	21,755
Amounts related to agreements not included in offsetting disclosures above	$	—	$	—