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

	At June 30, 2020						At June 30, 2019
	Federal Funds Purchased			Short-term Borrowings			Federal Funds Purchased		Short-term Borrowings
Outstanding balance	$	—		$	—		$	—	$	121,300
Interest rate on balance		—			—			—		2.46	%
Maximum indebtedness		37,000			102,700			—		192,700
Average balance		305			16,391			—		102,108
Average rate paid		1.98	%		1.64	%		—		2.51	%

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 December 31, 2019.

Other borrowings consist of the Paycheck Protection Program Lending Facility (“PPPLF”). The PPPLF is intended to facilitate lending, by eligible borrowers, to small businesses under the PPP of the CARES Act. Under the PPPLF, the Federal Reserve Banks will lend to eligible borrowers on a non-recourse basis, taking PPP loans as collateral. During the second quarter of 2020, the Company borrowed $183,695 under the PPPLF. The maturity date of the PPPLF borrowing will equal the maturity date of the PPP loans pledged to secure the borrowing. The rate paid on the borrowing is at 0.35%.

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 June 30, 2020 and December 31, 2019. All of the repurchase agreements are overnight agreements.

	June 30, 2020		December 31, 2019
Securities pledged for repurchase agreements:
U.S. Treasury securities	$	917	$	810
Obligations of U.S. government agencies		22,691		17,864
Total securities pledged	$	23,608	$	18,674
Gross amount of recognized liabilities for repurchase agreements	$	23,608	$	18,674
Amounts related to agreements not included in offsetting disclosures above	$	—	$	—