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Short-term Borrowings | 12 Months Ended
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Dec. 31, 2019
Short Term Borrowings [Abstract] |
Short-term Borrowings |
(1 1) | Short-term Borrowings
At December 31, 2019 Mid Penn had no short-term borrowings, compared to short-term borrowings totaling $43,100,000 at December 31, 2018. Short-term borrowings consist of federal funds purchased and advances from the FHLB with an original maturity of less than a year. Federal funds purchased from correspondent banks mature in one business day and reprice daily based on the Federal Funds rate. Advances from the FHLB are collateralized by our investment in the common stock of the FHLB and by a blanket lien on selected loan receivables comprised principally of real estate secured loans within the Bank’s portfolio totaling $1,162,899,000 at December 31, 2019. The Bank had short-term borrowing capacity from the FHLB up to the Bank’s unused borrowing capacity of $610,795,000 at December 31, 2019 upon satisfaction of any stock purchase requirements of the FHLB. The Bank also has unused overnight lines of credit with other correspondent banks amounting to $35,000,000 at December 31, 2019. No draws have been made on these lines of credit and on December 31, 2019 and 2018, the balance was zero. The following table outlines Mid Penn’s various sources of short-term borrowed funds at or for the years ended December 31, 2019 and 2018. The maximum balance represents the highest indebtedness for each category of short-term borrowed funds at any month-end during each of the years shown.
(Dollars in thousands) | December 31, |
|  | 2019 |  |  | 2018 |
Federal funds purchased: |  |  |  |  |  |  |  |
Balance at year end |  | $ | — |  |  | $ | — |
Weighted average rate at year end |  |  | — |  |  |  | — |
Maximum month-end balance |  | $ | 37,573 |  |  | $ | 35,050 |
Average daily balance during the year |  | $ | 3,739 |  |  | $ | 7,049 |
Weighted average rate during the year |  |  | 2.97 | % |  |  | 2.24 | %
FHLB short-term borrowings: |  |  |  |  |  |  |  |
Balance at year end |  | $ | — |  |  | $ | 43,100 |
Weighted average rate at year end |  |  | — |  |  |  | 2.74 | %
Maximum month-end balance |  | $ | 54,667 |  |  | $ | 43,100 |
Average daily balance during the year |  | $ | 12,819 |  |  | $ | 1,784 |
Weighted average rate during the year |  |  | 2.80 | % |  |  | 2.74 | %

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- Definition The entire disclosure for short-term debt. + 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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