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Short-term Borrowings | 12 Months Ended
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Dec. 31, 2021
Short Term Borrowings [Abstract] |
Short-term Borrowings |
(1 0) | 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 $1,359,151,000 at December 31, 2021. The Bank had short-term borrowing capacity from the FHLB up to the Bank’s unused borrowing capacity of $404,547,000 (equal to $935,225,000 of maximum borrowing capacity less letter of credit and other FHLB advances outstanding) at December 31, 2021 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, 2021 or 2020. The Bank also has unused overnight lines of credit with other correspondent banks amounting to $35,000,000 at December 31, 2021. No draws have been made on these lines of credit and on December 31, 2021 and 2020, 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”). As of December 31, 2021 the balance of short-term borrowings was zero as Mid Penn paid off all PPPLF funding during the third quarter of 2021. The PPPLF allowed 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 were required to be repaid to the Federal Reserve immediately after the specific PPP loans collateralizing the related draws are repaid to the Bank. The following table outlines Mid Penn’s short-term borrowed funds at or for the years ended December 31, 2021 and 2020. 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, |
|  | 2021 |  |  | 2020 |
FRB PPPLF borrowings: |  |  |  |  |  |  |  |
Balance at year end |  | $ | — |  |  | $ | 125,617 |
Weighted average rate at year end |  |  | — |  |  |  | 0.35 | %
Maximum month-end balance |  | $ | 307,753 |  |  | $ | 203,937 |
Average daily balance during the year |  | $ | 140,909 |  |  | $ | 106,233 |
Weighted average rate during the year |  |  | 0.35 | % |  |  | 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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