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Note 10: Short-Term Borrowings

12 Months Ended

Dec. 31, 2018

Short-term borrowings at December 31, 2018 and 2017, are summarized as follows:

	2018	2017
	(In Thousands)

Notes payable – Community Development
Equity Funds	$ 1,625	$ 1,604
Other interest-bearing liabilities	13,100	—
Overnight borrowings from the Federal Home Loan Bank	178,000	15,000
Securities sold under reverse repurchase agreements	105,253	80,531

	$ 297,978	$ 97,135

The Bank enters into sales of securities under agreements to repurchase (reverse repurchase agreements). Reverse repurchase agreements are treated as financings, and the obligations to repurchase securities sold are reflected as a liability in the statements of financial condition. The dollar amount of securities underlying the agreements remains in the asset accounts. Securities underlying the agreements are being held by the Bank during the agreement period. All agreements are written on a term of one-month or less.

At December 31, 2018, other interest-bearing liabilities consist of cash collateral held by the Company to satisfy minimum collateral posting thresholds with its derivative dealer counterparties representing the termination value of derivatives, which at such time were in a net asset position. Under the collateral agreements between the parties, either party may choose to provide cash or securities to satisfy its collateral requirements.

Short-term borrowings had weighted average interest rates of 1.68% and 0.30% at December 31, 2018 and 2017, respectively. Short-term borrowings averaged approximately $137.3 million and $186.4 million for the years ended December 31, 2018 and 2017, respectively. The maximum amounts outstanding at any month end were $298.0 million and $297.4 million, respectively, during those same periods.

The following table represents the Company’s securities sold under reverse repurchase agreements, by collateral type and remaining contractual maturity at December 31, 2018 and 2017:

	2018	2017
	Overnight and	Overnight and
	Continuous	Continuous
	(In Thousands)

Mortgage-backed securities – GNMA, FNMA, FHLMC	$ 105,253		$ 80,531