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Borrowed Funds and Mandatorily Redeemable Securities
 12 Months Ended
Dec. 31, 2021
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, 2021 and 2020.
(Dollars in thousands) 20212020
Federal Home Loan Bank borrowings (0.54% – 5.04%)
$44,150 $55,183 
Mandatorily redeemable securities20,598 20,358 
Other long-term debt6,503 6,323 
Total long-term debt and mandatorily redeemable securities$71,251 $81,864 
Annual maturities of long-term debt outstanding at December 31, 2021, for the next five years and thereafter beginning in 2022, are as follows: $5.29 million; $2.51 million; $11.65 million; $0.61 million; $10.50 million; and $40.69 million.
At December 31, 2021, 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 16 fixed rate notes with maturities ranging from 2022 to 2030. These notes were collateralized by $55.71 million of certain real estate loans.
Mandatorily redeemable securities as of December 31, 2021 and 2020, of $20.60 million and $20.36 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 2021, 2020, and 2019 was $1.79 million, $2.14 million, and $2.22 million, respectively.
The following table shows the details of short-term borrowings as of December 31, 2021 and 2020.
 20212020
(Dollars in thousands) AmountWeighted Average RateAmountWeighted Average Rate
Federal funds purchased$— — %$— — %
Securities sold under agreements to repurchase194,727 0.05 143,564 0.08 
Commercial paper3,967 0.04 4,766 0.13 
Federal Home Loan Bank advances— — — — 
Other short-term borrowings1,333 — 2,311 — 
Total short-term borrowings$200,027 0.05 %$150,641 0.08 %