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Short Term Borrowings | 12 Months Ended
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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.

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- Definition The entire disclosure for short-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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