10. Borrowings

Short-term borrowings consists of FHLB advances representing overnight borrowings. The table below outlines short-term borrowings at September 30, 2019 and December 31, 2018:

At and for the nine months ended September 30, 2019

Weighted

Maximum

Average

Ending

Average

Month-End

Rate for

Rate at

Balance

the nine months ended September 30, 2019

September 30,2019

FHLB advances

74,036

133,725

2.69

At and for the year ended December 31, 2018

Weighted

Maximum

Average

Ending

Average

Month-End

Rate for

Rate at End

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 September 30, 2019, the maximum borrowing capacity was $719,470 of which $52,509 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. However, growth in deposit balances during the third quarter of 2019 has allowed us to pay down the short-term borrowings to zero at September 30, 2019. 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 September 30, 2019 and December 31, 2018 are as follows:


	Interest Rate
Due	Fixed		Adjustable			September 30, 2019		December 31, 2018
December 2019			3.71	%	$	3,000		3,000
December 2019			3.37			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					7,209		8,606
					$	52,509	$	37,906

Maturities of long-term debt, by contractual maturity, for the remainder of 2019 and subsequent years are as follows:


2019	$	19,777
2020		17,963
2021		12,058
2022		2,156
2023		555
	$	52,509

None of the advances from the FHLB are convertible. At September 30, 2019, long-term debt consist of $43,209 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.