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Short-Term Borrowings

12 Months Ended

Dec. 31, 2021

NOTE 13 Short-Term Borrowings

Short-term borrowings at December 31, 2021, 2020, and 2019 consisted of the following:


	Year ended
	December 31,
(dollars in thousands)	2021			2020			2019
Fed funds purchased
Balance as of end of period	$	—		$	—		$	—
Average daily balance		3			80			61,709
Maximum month-end balance		—			—			139,605
Weighted-average rate
During period		—	%		—	%		2.54	%
End of period		—	%		—	%		—	%
FHLB Short-term advances
Balance as of end of period	$	—		$	—		$	—
Average daily balance		—			—			9,712
Maximum month-end balance		—			—			135,000
Weighted-average rate
During period		—	%		—	%		2.44	%
End of period		—	%		—	%		—	%

The Company had outstanding credit capacity with the FHLB of $677.4 million and $631.7 million at December 31, 2021 and 2020 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, 2021 and 2020. The Company has an unused $15.0 million unsecured line of credit with Bank of North Dakota.

On April 15, 2020, we executed a PPPL Facility Agreement with the Federal Reserve Bank of Minneapolis. The PPP loans guaranteed by the SBA are eligible to serve as collateral for the PPPL Facility. The PPPL Facility provided us with additional liquidity, if necessary, to facilitate lending to small businesses under the PPP. As of December 31, 2021, we have not had a need to utilize the PPPL Facility.