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v3.20.2

Borrowings | 6 Months Ended
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Jun. 30, 2020
Borrowings |
Borrowings | 11. Borrowings ​ Short-term borrowings consists of FHLB advances representing overnight borrowings or with stated original terms of less than twelve months. The table below outlines short-term borrowings at June 30, 2020 and December 31, 2019: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | At and for the six months ended June 30, 2020 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Maximum | ​ | Weighted | ​ | Average |
​ | ​ | Ending | ​ | Average | ​ | Month-End | ​ | Average | ​ | Rate at |
​ |  | Balance |  | Balance |  | Balance |  | Rate |  | June 30, 2020 |
FHLB advances | ​ | $ | 50,000 | ​ | $ | 117,784 | ​ | $ | 164,150 |  | 1.15 | % | 0.67 | %
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 the Year |
FHLB advances | ​ | $ | 152,150 | ​ | $ | 62,941 | ​ | $ | 152,150 |  | 2.61 | % | 1.84 | %
​ 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, 2020, the maximum borrowing capacity was $808,312 of which $70,762 was outstanding in borrowings and $137,600 was used to issue standby letters of credit to collateralize public fund deposits. 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. Short-term borrowings were used to fund a portion of our loan growth during the first six months of 2020. 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 and from the Federal Reserve Bank under the PPPLF with, generally, maturities of twenty-four months, at June 30, 2020 and December 31, 2019 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Interest Rate | ​ | ​ | ​ | ​ | ​ | ​ |
Due | ​ | Fixed | ​ | ​ | ​ | June 30, 2020 | ​ | ​ | December 31, 2019 |
June 2020 |  | 1.74 | % | ​ | ​ | ​ | ​ | $ | 5,000 | ​
June 2020 | ​ | 2.22 | ​ | ​ |  | ​ | ​ |  | 6,000 | ​
December 2020 | ​ | 1.84 | ​ | ​ | $ | 5,000 | ​ |  | 5,000 | ​
June 2021 | ​ | 1.99 | ​ | ​ | ​ | 10,000 | ​ | ​ | 10,000 | ​
April 2022 | ​ | 0.35 | ​ | ​ | ​ | 40,175 | ​ | ​ | ​ | ​
March 2023 | ​ | 4.69 | ​ | ​ | ​ | 5,763 | ​ | ​ | 6,733 | ​
​ | ​ | ​ | ​ | ​ | $ | 60,938 | ​ | $ | 32,733 | ​
​ Maturities of long-term debt, by contractual maturity, for the remainder of 2020 and subsequent years are as follows: ​
​ | ​ | ​ | ​ | ​
2020 |  | $ | 5,992 | ​
2021 | ​ |  | 12,058 | ​
2022 | ​ |  | 42,333 | ​
2023 | ​ |  | 555 | ​
​ | ​ | $ | 60,938 | ​
​ None of the advances from the FHLB totaling $20,763 are convertible. The advances under the PPPLF due in April 2022 with an outstanding balance of $40,175 may be prepaid without penalty prior to maturity whether or not the PPP loans collateralizing the advances have matured.

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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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