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Short-term Borrowings | 12 Months Ended
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Dec. 31, 2020
Short Term Borrowings [Abstract] |
Short-term Borrowings |
(1 1) | Short-term Borrowings
Short-term FHLB and Correspondent Bank Borrowings Short-term borrowings generally 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 $1,222,193,000 at December 31, 2020. The Bank had short-term borrowing capacity from the FHLB up to the Bank’s unused borrowing capacity of $490,048,000 (equal to $852,568,000 of maximum borrowing capacity less letter of credit and other FHLB advances outstanding) at December 31, 2020 upon satisfaction of any stock purchase requirements of the FHLB. No draws were outstanding on short-term FHLB or correspondent bank borrowings as of December 31, 2020 or 2019. The Bank also has unused overnight lines of credit with other correspondent banks amounting to $35,000,000 at December 31, 2020. No draws have been made on these lines of credit and on December 31, 2020 and 2019, the balance was zero. PPPLF Borrowings The entire balance of short-term borrowings of $125,617,000 at December 31, 2020 consisted of funding obtained from the Federal Reserve through the Paycheck Protection Program Liquidity Facility (“PPPLF”). The PPPLF allows banks to pledge PPP loans as collateral to borrow funds for up to a term of five years (to match the term of the respective PPP loans) at an interest rate of 0.35%. Draws of PPPLF funds must be repaid to the Federal Reserve immediately after the specific PPP loans collateralizing the related draws are repaid to the Bank. Mid Penn had no short-term PPPLF borrowings as of December 31, 2019. The following table outlines Mid Penn’s various sources of short-term borrowed funds at or for the years ended December 31, 2020 and 2019. 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, |
|  | 2020 |  |  | 2019 |
Federal funds purchased: |  |  |  |  |  |  |  |
Balance at year end |  | $ | — |  |  | $ | — |
Weighted average rate at year end |  |  | — |  |  |  | — |
Maximum month-end balance |  | $ | — |  |  | $ | 37,573 |
Average daily balance during the year |  | $ | — |  |  | $ | 3,739 |
Weighted average rate during the year |  |  | — |  |  |  | 2.97 | %
FHLB short-term borrowings: |  |  |  |  |  |  |  |
Balance at year end |  | $ | — |  |  | $ | — |
Weighted average rate at year end |  |  | — |  |  |  | — |
Maximum month-end balance |  | $ | — |  |  | $ | 54,667 |
Average daily balance during the year |  | $ | — |  |  | $ | 12,819 |
Weighted average rate during the year |  |  | — |  |  |  | 2.80 | %
FRB PPPLF borrowings: |  |  |  |  |  |  |  |
Balance at year end |  | $ | 125,617 |  |  | $ | — |
Weighted average rate at year end |  |  | 0.35 | % |  |  | — |
Maximum month-end balance |  | $ | 203,937 |  |  | $ | — |
Average daily balance during the year |  | $ | 106,233 |  |  | $ | — |
Weighted average rate during the year |  |  | 0.35 | % |  |  | — |

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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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