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Borrowings

3 Months Ended

Mar. 31, 2021

11. Borrowings

Short-term borrowings consists of FHLB advances representing overnight borrowings or with stated original terms of less than twelve months and other borrowings related to collateral held from derivative counter parties. The table below outlines short-term borrowings at March 31, 2021 and December 31, 2020:


			At and for the three months ended March 31, 2021
													Weighted
								Maximum			Weighted		Average
		Ending			Average			Month-End			Average		Rate at
		Balance			Balance			Balance			Rate		March 31,2021
Other borrowings		$	1,980		$	469		$	1,980		0.07	%	0.06	%
FHLB advances			50,000			50,000			50,000		0.57		0.38
Total short-term borrowings		$	51,980		$	50,469		$	51,980		0.57	%	0.37	%

At and for the year ended December 31, 2020

Weighted

Weighted

Maximum

Average

Average

Ending

Average

Month-End

Rate for

Rate at End

Balance

Balance

Balance

the Year

of the Year

FHLB advances

$

50,000

$

83,716

$

179,199

1.01

%

0.40

%

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 March 31, 2021, the maximum borrowing capacity was $819,972 of which $64,264 was outstanding in borrowings and $230,650 was used to issue standby letters of credit to collateralize public fund deposits. 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. Short-term borrowings at the FHLB totaling $50,000 were paid off during the second quarter of 2021 with excess cash.

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 March 31, 2021 and December 31, 2020 are as follows:


		Interest Rate
Due		Fixed				March 31, 2021			December 31, 2020
June 2021		1.99			$	10,000		$	10,000
March 2023		4.69				4,264			4,769
					$	14,264		$	14,769

Maturities of long-term debt, by contractual maturity, for the remainder of 2021 and subsequent years are as follows:


2021		$	11,553
2022			2,156
2023			555
		$	14,264

The advances from the FHLB totaling $14,264 are not convertible.