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Short-term borrowings

12 Months Ended

Dec. 31, 2022

10. 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, 2022, 2021 and 2020:


	At and for the year ended December 31, 2022
							Weighted		Weighted
					Maximum		Average		Average
	Ending		Average		Month-End		Rate for		Rate at End
(Dollars in thousands, except percents)	Balance		Balance		Balance		the Year		of the Period
Other borrowings	$	14,530	$	10,033	$	16,100	2.10	%	4.33	%
FHLB advances		100,400		32,647		125,975	2.73		4.45
Total short-term borrowings	$	114,930	$	42,680	$	142,075	2.58	%	4.43	%

At and for the year ended December 31, 2021

Weighted

Maximum

Average

Ending

Average

Month-End

Rate for

Rate at End

(Dollars in thousands, except percents)

Balance

the Year

of the Year

FHLB advances

13,973

50,000

0.56

At and for the year ended December 31, 2020

Weighted

Maximum

Average

Ending

Average

Month-End

Rate for

Rate at End

(Dollars in thousands, except percents)

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 December 31, 2022, the maximum borrowing capacity was $1.2 billion of which $101.0 million was outstanding in borrowings and $388.8 million 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 $18.0 million at December 31, 2022 and 2021. There were no amounts outstanding on either line of credit at December 31, 2022 or 2021. Interest on these borrowings accrues daily based on the daily federal funds rate.