9. SHORT-TERM BORROWINGS

Short-term borrowings, which consist of federal funds purchased and other short-term borrowings are summarized as follows:

	AT DECEMBER 31, 2017
	FEDERAL FUNDS PURCHASED			SHORT-TERM BORROWINGS
	(IN THOUSANDS, EXCEPT RATES)
Balance	$	—		$	49,084
Maximum indebtedness at any month end		645			51,760
Average balance during year		54			16,972
Average rate paid for the year		0.95	%		1.21	%
Interest rate on year-end balance		—			1.54

	AT DECEMBER 31, 2016
	FEDERAL FUNDS PURCHASED		SHORT-TERM BORROWINGS
	(IN THOUSANDS, EXCEPT RATES)
Balance	$	—	$	12,754
Maximum indebtedness at any month end		—		56,686
Average balance during year		—		9,030
Average rate paid for the year		—		0.58	%
Interest rate on year-end balance		—		0.74

	AT DECEMBER 31, 2015
	FEDERAL FUNDS PURCHASED		OTHER SHORT-TERM BORROWINGS
	(IN THOUSANDS, EXCEPT RATES)
Balance	$	—	$	48,748
Maximum indebtedness at any month end		—		65,071
Average balance during year		—		24,582
Average rate paid for the year		—		0.35	%
Interest rate on year-end balance		—		0.43

Average amounts outstanding during the year represent daily averages. Average interest rates represent interest expense divided by the related average balances.

These borrowing transactions can range from overnight to one year in maturity. The average maturity was three days at the end of 2017, 2016, and 2015.