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Short-term borrowings

12 Months Ended

Dec. 31, 2020

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, 2020, 2019 and 2018:

At and for the year ended December 31, 2020

Weighted

Maximum

Weighted

Average

Ending

Average

Month-End

Average

Rate at

Balance

Rate

December 31,2020

FHLB advances

50,000

83,716

179,199

1.01

0.40

At and for the year ended December 31, 2019

Weighted

Maximum

Average

Ending

Average

Month-End

Rate for

Rate at End

Balance

the Year

of the Year

FHLB advances

152,150

62,941

152,150

2.61

1.84

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 December 31, 2020, the maximum borrowing capacity was $807,042 of which $64,769 was outstanding in borrowings and $218,350 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, 2020 and 2019. There were no amounts outstanding on either line of credit at December 31, 2020 or 2019. Interest on these borrowings accrues daily based on the daily federal funds rate.