Advances from the FHLB totaled $105.0 million with a weighted average interest rate of 3.20 percent at both June 30, 2020 and December 31, 2019 respectively.

The advances had fixed maturity dates and were secured by blanket pledges of certain 1-4 family residential mortgages totaling $354.4 million, multifamily mortgages totaling $761.7 million and securities totaling $158.4 million at June 30, 2020, while at December 31, 2019, the fixed rate advances were secured by blanket pledges of certain 1-4 family residential mortgages totaling $347.5 million, multifamily mortgages totaling $773.1 million and securities totaling $154.3 million.

(In thousands)
2021	$	60,000
2022		20,000
2023		25,000
Total	$	105,000

Short-term borrowings consisted of a one-month FHLB advance totaling $15.0 million with a rate of 0.46 percent. The one-month FHLB advance for $15.0 million is part of an interest rate swap designated as a cash flow hedge. The cash flow hedge has a term of four years. There were no overnight borrowings with the FHLB as of June 30, 2020 and December 31, 2019. At June 30, 2020, unused short-term overnight borrowing commitments totaled $1.8 billion from the FHLB, $22.0 million from correspondent banks and $1.0 billion at the Federal Reserve Bank of New York.

The Company had $535.8 million in borrowings from the Federal Reserve’s PPPLF as of June 30, 2020. The borrowings have a rate of 0.35 percent, primarily all of which have a 2-year maturity. The Company utilized the PPPLF to fund PPP loan production during the second quarter of 2020. The borrowings are fully pledged by PPP loans as of June 30, 2020.