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Borrowings | 9 Months Ended
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Sep. 30, 2021
Borrowings |
Borrowings | 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 September 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 September 30, 2021 and December 31, 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | At and for the nine months ended September 30, 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Maximum | ​ | Weighted | ​ | Average |
​ | ​ | Ending | ​ | Average | ​ | Month-End | ​ | Average | ​ | Rate at |
​ |  | Balance |  | Balance |  | Balance |  | Rate |  | September 30,2021 |
FHLB advances | ​ | ​ | ​ | ​ | ​ | 18,682 | ​ | ​ | 50,000 |  | 0.55 | ​ | ​ | ​
Total short-term borrowings | ​ | $ | ​ | ​ | $ | 18,682 | ​ | $ | 50,000 |  | 0.55 | % | ​ | %
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 September 30, 2021, the maximum borrowing capacity was $858,953 of which $3,235 was outstanding in borrowings and $352,935 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 September 30, 2021 and December 31, 2020 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Interest Rate |  | ​ | ​ |  | ​ | ​ |
Due | ​ | Fixed | ​ | ​ | ​ | September 30, 2021 | ​ | ​ | December 31, 2020 |
June 2021 | ​ | 1.99 | ​ | ​ | ​ | ​ | ​ | $ | 10,000 | ​
March 2023 | ​ | 4.69 | ​ | ​ | $ | 3,235 | ​ | ​ | 4,769 | ​
​ | ​ | ​ | ​ | ​ | $ | 3,235 | ​ | $ | 14,769 | ​
​ Maturities of long-term debt, by contractual maturity, for the remainder of 2021 and subsequent years are as follows: ​
​ | ​ | ​ | ​ | ​
2021 |  | $ | 524 | ​
2022 | ​ |  | 2,156 | ​
2023 | ​ |  | 555 | ​
​ | ​ | $ | 3,235 | ​
​ The advances from the FHLB totaling $3,235 are not convertible.

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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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