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Short-Term Borrowings

12 Months Ended

Dec. 31, 2020

NOTE 13 Short-Term Borrowings

Short-term borrowings at December 31, 2020, 2019, and 2018 consisted of the following:


	Year ended
	December 31,
(dollars in thousands)	2020			2019			2018
Fed funds purchased
Balance as of end of period	$	—		$	—		$	93,460
Average daily balance		80			61,709			86,768
Maximum month-end balance		—			139,605			112,260
Weighted-average rate
During period		—	%		2.54	%		2.18	%
End of period		—	%		—	%		2.63	%
FHLB Short-term advances
Balance as of end of period	$	—		$	—		$	—
Average daily balance		—			9,712			82
Maximum month-end balance		—			135,000			—
Weighted-average rate
During period		—	%		2.44	%		2.44	%
End of period		—	%		—	%		—	%

The Company had outstanding credit capacity with the FHLB of $631.7 million and $552.2 million at December 31, 2020 and 2019 respectively, secured by pledged loans and investment securities. The Company also had $87.0 million of unsecured federal funds agreements with correspondent banks with no outstanding balance at December 31, 2020 and 2019. In 2019, the Company established a $15.0 million unsecured line of credit with Bank of North Dakota.