13. SHORT-TERM BORROWINGS

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


	AT DECEMBER 31, 2019
	FEDERAL
	FUNDS			SHORT-TERM
	PURCHASED			BORROWINGS
	(IN THOUSANDS, EXCEPT RATES)
Balance	$	—		$	22,412
Maximum balance at any month end		—			49,615
Average balance during year		58			11,030
Average rate paid for the year		3.04	%		2.59	%
Interest rate on year-end balance		—			1.81


	AT DECEMBER 31, 2018
	FEDERAL
	FUNDS			SHORT-TERM
	PURCHASED			BORROWINGS
	(IN THOUSANDS, EXCEPT RATES)
Balance	$	—		$	41,029
Maximum balance 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			OTHER
	FUNDS			SHORT-TERM
	PURCHASED			BORROWINGS
	(IN THOUSANDS, EXCEPT RATES)
Balance	$	—		$	49,084
Maximum balance 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

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

These borrowing transactions have an average maturity of overnight.