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Borrowings | 6 Months Ended
--- | ---
Jun. 30, 2019
Borrowings |
Borrowings | 10. Borrowings Short-term borrowings consisted of FHLB advances representing overnight borrowings at June 30, 2019 and December 31, 2018:
|  | At and for the six months ended June 30, 2019 |
|  |  |  |  |  |  |  |  |  |  | Weighted |  | Weighted |
|  |  |  |  |  |  |  | Maximum |  | Average |  | Average |
|  | Ending |  | Average |  | Month-End |  | Rate for |  | Rate at |
|  | Balance |  | Balance |  | Balance |  | the six monthe ended June 30,2019 |  | June 30,2019 |
FHLB advances |  | $ | 82,700 |  | $ | 105,212 |  | $ | 133,725 |  | 2.70 | % | 2.46 | %
|  | At and for the year ended December 31, 2018 |
|  |  |  |  |  |  |  |  |  |  | Weighted |  | Weighted |
|  |  |  |  |  |  |  | Maximum |  | Average |  | Average |
|  | Ending |  | Average |  | Month-End |  | Rate for |  | Rate at End |
|  | Balance |  | Balance |  | Balance |  | the Year |  | of the Year |
FHLB advances |  | $ | 86,500 |  | $ | 133,834 |  | $ | 189,275 |  | 2.05 | % | 2.62 | %
The Company has an agreement with the FHLB which allows for borrowings up to its maximum borrowing capacity based on a percentage of qualifying collateral assets. At June 30, 2019, the maximum borrowing capacity was $706,808 of which $135,680 was outstanding in borrowings. At December 31, 2018, the maximum borrowing capacity was $700,169 of which $124,406 was outstanding in borrowings. Short-term borrowings were used to fund our loan growth during the first six months of 2019 as deposit balances were relatively unchanged from year end. Short-term borrowings were lower by $3,800 from year end 2018 in part to us locking in $16,000 of new long term borrowings at lower fixed rates under the FHLB’s ‘Community Lending Program’. Advances with the FHLB are secured under terms of a blanket collateral agreement by a pledge of FHLB stock and certain other qualifying collateral, such as investments and mortgage-backed securities and mortgage loans. Interest accrues daily on the FHLB advances based on rates of the FHLB discount notes. The short-term borrowing rate resets each day. Long-term debt consisting of advances from the FHLB at June 30, 2019 and December 31, 2018 are as follows:
|  | Interest Rate |  |  |  |  |  |  |
Due |  | Fixed |  | Adjustable |  |  | June 30, 2019 |  |  | December 31, 2018 |
December 2019 |  |  |  | 4.09 | % | $ | 3,000 |  |  | 3,000 |
December 2019 |  |  |  | 3.63 |  |  | 6,300 |  |  | 6,300 |
December 2019 |  | 1.62 | % |  |  |  | 10,000 |  |  | 10,000 |
June 2020 |  | 1.74 |  |  |  |  | 5,000 |  |  | 5,000 |
June 2020 |  | 2.22 |  |  |  |  | 6,000 |  |  |  |
December 2020 |  | 1.84 |  |  |  |  | 5,000 |  |  | 5,000 |
June 2021 |  | 1.99 |  |  |  |  | 10,000 |  |  |  |
March 2023 |  | 4.69 |  |  |  |  | 7,680 |  |  | 8,606 |
|  |  |  |  |  | $ | 52,980 |  | $ | 37,906 |
Maturities of long-term debt, by contractual maturity, for the remainder of 2019 and subsequent years are as follows:
2019 |  | $ | 20,248 |
2020 |  |  | 17,963 |
2021 |  |  | 12,058 |
2022 |  |  | 2,156 |
2023 |  |  | 555 |
|  | $ | 52,980 |
None of the advances from the FHLB are convertible. At June 30, 2019, long-term debt consist of $43,680 at fixed rates and $9,300 at adjustable rates which reset quarterly based on three-month LIBOR plus 1.21% to plus 1.57%. New long-term advances totaling $16,000 were entered into with the FHLB during the second quarter of 2019. The advances were qualified under the FHLB’s ‘Community Lending Program’ which offers rates lower than their stated rates when the advances are used for community development.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + 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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