SHORT-TERM BORROWINGS

12 Months Ended

Dec. 31, 2018

12.

SHORT-TERM BORROWINGS

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

	AT DECEMBER 31, 2018
	FEDERAL FUNDS PURCHASED		SHORT-TERM BORROWINGS
	(IN THOUSANDS, EXCEPT RATES)
Balance	$	—	$	41,029
Maximum indebtedness at any month end		—		82,932
Average balance during year		54		33,073
Average rate paid for the year		1.70		2.17
Interest rate on year-end balance		—		2.62

	AT DECEMBER 31, 2017
	FEDERAL FUNDS PURCHASED		SHORT-TERM BORROWINGS
	(IN THOUSANDS, EXCEPT RATES)
Balance	$	—	$	49,084
Maximum indebtedness at any month end		—		51,760
Average balance during year		54		16,918
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		OTHER 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

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 one day at the end of 2018 and three days for 2017 and 2016.