11. Borrowings

Short-term debt is categorized as follows:

(in thousands) December 31	2017		2016
Repurchase agreements	$	243,814	$	251,065
Federal funds purchased		7,312		4,816
Total short-term debt	$	251,126	$	255,881

All federal funds purchased mature and reprice daily. See note 12 for information regarding the maturities of our repurchase agreements. The average rates paid for federal funds purchased and repurchase agreements on December 31, 2017 were 1.30% and 1.01%, respectively.

The maximum balance for repurchase agreements at any month-end during 2017 occurred at September 30, 2017, with a month-end balance of $260.0 million. The average balance of repurchase agreements for the year was $251.0 million.

On November 30, 2017, Community Trust Bancorp, Inc. signed an amendment to a revolving credit promissory note, dated October 31, 2014 and last amended February 3, 2017, for a line of credit in the amount of $12 million at a floating interest rate of 2.00% in excess of the one-month LIBOR rate. This amendment extended the maturity date to November 30, 2018 with an unused commitment fee of 0.30%. Currently, all $12 million remains available for general corporate purposes.

Long-term debt is categorized as follows:

(in thousands) December 31		2017				2016
Junior subordinated debentures, 3.07%, due 6/1/37		$	59,341			$	61,341

On March 30, 2007, CTBI issued $61.3 million in junior subordinated debentures to a newly formed unconsolidated Delaware statutory trust subsidiary which in turn issued $59.5 million of capital securities in a private placement to institutional investors. The debentures, which mature in 30 years but are redeemable at par at CTBI’s option after five years, were issued at a rate of 6.52% until June 1, 2012, and thereafter at a floating rate based on the three-month LIBOR plus 1.59%. The underlying capital securities were issued at the equivalent rates and terms. The proceeds of the debentures were used to fund the redemption on April 2, 2007 of all CTBI’s outstanding 9.0% and 8.25% junior subordinated debentures in the total amount of $61.3 million. In May 2017, CTBI was able to purchase $2.0 million of the junior subordinated debentures in the open market at a purchase price of $1.4 million, resulting in a gain of $0.6 million. The junior subordinated debentures will be retained by CTBI until maturity, and CTBI will continue to report the junior subordinated debentures at the net amount outstanding of $59.3 million.

On November 29, 2017, the coupon rate was set at 3.07% for the March 1, 2018 distribution date, which was based on the three-month LIBOR rate as of November 29, 2017 of 1.48% plus 1.59%.