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Borrowed Funds and Mandatorily Redeemable Securities | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Borrowed Funds And Mandatorily Redeemable Securities | Borrowed Funds and Mandatorily Redeemable Securities The following table shows the details of long-term debt and mandatorily redeemable securities as of December 31, 2020 and 2019.
(Dollars in thousands) |  | 2020 |  | 2019
Federal Home Loan Bank borrowings (0.54% – 5.04%) |  | $ | 55,183 |  |  | $ | 45,819 |
Mandatorily redeemable securities |  | 20,358 |  |  | 17,972 |
Other long-term debt |  | 6,323 |  |  | 7,848 |
Total long-term debt and mandatorily redeemable securities |  | $ | 81,864 |  |  | $ | 71,639 |
Annual maturities of long-term debt outstanding at December 31, 2020, for the next five years and thereafter beginning in 2021, are as follows (in thousands): $3,168; $4,830; $2,049; $11,187; $145; and $60,485. At December 31, 2020, the Federal Home Loan Bank borrowings represented a source of funding for community economic development activities, agricultural loans and general funding for the bank and consisted of 18 fixed rate notes with maturities ranging from 2021 to 2030. These notes were collateralized by $68.95 million of certain real estate loans. Mandatorily redeemable securities as of December 31, 2020 and 2019, of $20.36 million and $17.97 million, respectively reflected the “book value” shares under the 1st Source Executive Incentive Plan. See Note 16 - Stock Based Compensation (Stock Award Plans) for additional information. Dividends paid on these shares and changes in book value per share are recorded as Other interest expense on the Consolidated Statements of Income. Total interest expense recorded for 2020, 2019, and 2018 was $2.14 million, $2.22 million, and $1.61 million, respectively. The following table shows the details of short-term borrowings as of December 31, 2020 and 2019.
|  | 2020 |  | 2019
(Dollars in thousands) |  | Amount |  | Weighted Average Rate |  | Amount |  | Weighted Average Rate
Federal funds purchased |  | $ | — |  |  | — | % |  | $ | — |  |  | — | %
Security repurchase agreements |  | 143,564 |  |  | 0.08 |  |  | 120,459 |  |  | 0.23 |
Commercial paper |  | 4,766 |  |  | 0.13 |  |  | 3,993 |  |  | 0.29 |
Federal Home Loan Bank advances |  | — |  |  | — |  |  | 20,000 |  |  | 1.61 |
Other short-term borrowings |  | 2,311 |  |  | — |  |  | 1,441 |  |  | — |
Total short-term borrowings |  | $ | 150,641 |  |  | 0.08 | % |  | $ | 145,893 |  |  | 0.42 | %

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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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