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Short-term borrowings
 12 Months Ended
Dec. 31, 2019
Short-term borrowings  
Short-term borrowings

11. Short-term borrowings:

Short-term borrowings consisted of FHLB advances representing overnight borrowings or borrowings with original terms of less than twelve months at December 31, 2019, 2018 and 2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At and for the year ended  December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

Weighted

 

 

 

 

 

 

 

 

 

Maximum

 

Average

 

Average

 

 

 

Ending

 

Average

 

Month-End

 

Rate for

 

Rate at End

 

 

    

Balance 

    

Balance 

    

Balance 

    

the Year

    

of Year

 

FHLB advances

 

$

152,150

 

$

62,941

 

$

152,150

 

2.61

%  

1.84

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At and for the year ended December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

Weighted

 

 

 

 

 

 

 

 

 

Maximum

 

Average

 

Average

 

 

 

Ending

 

Average

 

Month-End

 

Rate for

 

Rate at End

 

 

    

Balance

    

Balance

    

Balance

    

the Year

    

of the Year

 

FHLB advances

 

$

123,675

 

$

76,846

 

$

123,675

 

1.17

%  

1.54

%

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 December 31, 2019, the maximum borrowing capacity was $723,608 of which $184,883 was outstanding in borrowings and $185,750 was used to issue standby letters of credit to collateralize public fund deposits. 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. This rate resets each day.

The Company also has unsecured line of credit agreements with two correspondent banks, where the total line amount was $18,000 at December 31, 2019 and 2018.  There were no amounts outstanding on either line of credit at December 31, 2019 or 2018.  Interest on these borrowings accrues daily based on the daily federal funds rate.