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Borrowings

6 Months Ended

Jun. 30, 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 counterparties. At June 30, 2021 there were no short-term borrowings outstanding, as excess liquidity was used to payoff borrowings. The table below outlines short-term borrowings at June 30, 2021 and December 31, 2020:


			At and for the six months ended June 30, 2021
													Weighted
								Maximum			Weighted		Average
		Ending			Average			Month-End			Average		Rate at
		Balance			Balance			Balance			Rate		June 30,2021
Other borrowings		$			$	589		$	1,980		0.06	%		%
FHLB advances						28,177			50,000		0.55
Total short-term borrowings		$			$	28,766		$	51,980		0.54	%		%

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 June 30, 2021, the maximum borrowing capacity was $814,067 of which $3,752 was outstanding in borrowings and $242,485 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.

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 June 30, 2021 and December 31, 2020 are as follows:


		Interest Rate
Due		Fixed				June 30, 2021			December 31, 2020
June 2021		1.99			$			$	10,000
March 2023		4.69				3,752			4,769
					$	3,752		$	14,769

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


2021		$	1,041
2022			2,156
2023			555
		$	3,752

The advances from the FHLB totaling $3,752 are not convertible.