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Borrowings | 6 Months Ended
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Jun. 30, 2020
Debt Disclosure [Abstract] |
Borrowings | Note 8 — Borrowings At June 30, 2020, the Bank had no overnight advances and $150.0 million in term advances outstanding with the FHLB with a weighted average interest rate of 1.63 percent. At December 31, 2019, the Bank had $15.0 million in overnight advances with a weighted average interest rate of 1.66 percent and $75.0 million of term advances with the FHLB with a weighted average rate of 1.71 percent. The Bank had $101.8 million of 0.35 percent advances with the FRB under the Paycheck Protection Program Lending Facility. The advances were repaid subsequent to the end of the second quarter. There were no outstanding borrowings with the FRB as of December 31, 2019. Interest expense on borrowings for the three months ended June 30, 2020 was $760,000. There was no interest expense on borrowings for the three-month period ended June 30, 2019. Interest expense on borrowings for the six months ended June 30, 2020 and 2019 was $1.3 million and $72,000, respectively.
|  | June 30, 2020 |  |  | December 31, 2019 |
|  | Outstanding Balance |  |  | Weighted Average Rate |  |  | Outstanding Balance |  |  | Weighted Average Rate |
|  | (dollars in thousands) |
Overnight advances |  | $ | — |  |  |  | 0.00 | % |  | $ | 15,000 |  |  |  | 1.66 | %
Advances due with 12 months |  |  | 50,000 |  |  |  | 1.66 | % |  |  | 25,000 |  |  |  | 1.75 | %
Advances due over 12 months through 24 months |  |  | 50,000 |  |  |  | 1.59 | % |  |  | 25,000 |  |  |  | 1.66 | %
Advances due over 24 months through 36 months |  |  | 50,000 |  |  |  | 1.63 | % |  |  | 25,000 |  |  |  | 1.72 | %
Outstanding advances |  | $ | 150,000 |  |  |  | 1.63 | % |  | $ | 90,000 |  |  |  | 1.70 | %
The following is financial data pertaining to FHLB advances:
|  | June 30, 2020 |  |  | December 31, 2019 |
|  | (dollars in thousands) |
Weighted-average interest rate at end of period |  |  | 1.63 | % |  |  | 1.70 | %
Weighted-average interest rate during the period |  |  | 1.39 | % |  |  | 1.89 | %
Average balance of FHLB advances |  | $ | 163,269 |  |  | $ | 40,374 |
Maximum amount outstanding at any month-end |  | $ | 300,000 |  |  | $ | 285,000 |
The Bank maintains a secured credit facility with the FHLB, allowing the Bank to borrow on an overnight and term basis. The Bank had $2.4 billion and $1.4 billion of loans pledged as collateral with the FHLB as of June 30, 2020 and December 31, 2019, respectively. Remaining available borrowing capacity was $1.5 billion, subject to the FHLB statutory lending limit of $1.4 billion, and $878.4 million at June 30, 2020 and December 31, 2019, respectively. The Bank also had securities with market values of $50.0 million and $30.2 million at June 30, 2020 and December 31, 2019, respectively, pledged with the Federal Reserve Bank (“FRB”), which provided $47.9 million and $29.6 million in available borrowing capacity through the Fed Discount Window as of June 30, 2020 and December 31, 2019, respectively.

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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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