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Short-Term Borrowings | 3 Months Ended
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Mar. 31, 2020
Debt Disclosure [Abstract] |
Short-Term Borrowings | (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, 2020 |  |  | At March 31, 2019 |
|  | Federal Funds Purchased |  |  | Short-term Borrowings |  |  | Federal Funds Purchased |  |  | Short-term Borrowings |
Outstanding balance |  | $ | — |  |  | $ | 17,000 |  |  | $ | — |  |  | $ | 122,100 |
Interest rate on balance |  |  | — |  |  |  | 0.14 | % |  |  | — |  |  |  | 2.51 | %
Maximum indebtedness |  |  | 37,000 |  |  |  | 102,700 |  |  |  | — |  |  |  | 192,700 |
Average balance |  |  | 610 |  |  |  | 32,749 |  |  |  | — |  |  |  | 92,267 |
Average rate paid |  |  | 1.32 | % |  |  | 1.65 | % |  |  | — |  |  |  | 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 March 31, 2020 and December 31, 2019. 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, 2020 and December 31, 2019. All of the repurchase agreements are overnight agreements.
|  | March 31, 2020 |  |  | December 31, 2019 |
Securities pledged for repurchase agreements: |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 865 |  |  | $ | 810 |
Obligations of U.S. government agencies |  |  | 21,834 |  |  |  | 17,864 |
Total securities pledged |  | $ | 22,699 |  |  | $ | 18,674 |
Gross amount of recognized liabilities for repurchase agreements |  | $ | 22,699 |  |  | $ | 18,674 |
Amounts related to agreements not included in offsetting disclosures above |  | $ | — |  |  | $ | — |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + 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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