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Borrowings

9 Months Ended

Sep. 30, 2020

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 September 30, 2020 and December 31, 2019:

At and for the nine months ended September 30, 2020

Weighted

Maximum

Weighted

Average

Ending

Average

Month-End

Average

Rate at

Balance

Balance

Balance

Rate

September 30,2020

FHLB advances

$

50,000

$

94,519

$

164,150

1.07

%

0.46

%

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 September 30, 2020, the maximum borrowing capacity was $799,849 of which $70,269 was outstanding in borrowings and $208,600 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 overnight borrowing rate resets each day.

Long-term debt consisting of advances from the FHLB at September 30, 2020 and December 31, 2019 are as follows:


		Interest Rate
Due		Fixed				September 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
March 2023		4.69				5,269			6,733
					$	20,269		$	32,733

Maturities of long-term debt, by contractual maturity, for the remainder of 2020 and subsequent years are as follows:


2020		$	5,499
2021			12,058
2022			2,157
2023			555
		$	20,269

The advances from the FHLB totaling $20,763 are not convertible.