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Other Borrowed Funds | 6 Months Ended
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Jun. 30, 2020
Other Borrowed Funds [Abstract] |
Other Borrowed Funds | Note 13 - Other Borrowed Funds Other borrowings on the consolidated balance sheet include $124.0 million at June 30, 2020 composed of advances from the FHLB. The Company utilizes the FHLB advance programs to fund loan growth and provide liquidity. FHLB borrowings decreased $800 thousand from $124.8 million at December 31, 2019.
(Dollars in thousands) | June 30, 2020 |  |  | December 31, 2019 |
FHLB borrowings | $ | 124,000 |  |  | $ | 124,800 |
Weighted average interest rate |  | 0.34 | % |  |  | 1.92 | %
Other borrowings on the consolidated balance sheet also includes $354.4 million of borrowed funds from the Federal Reserve Paycheck Protection Program Liquidity Facility. These funds were solely used to provide funding under the Paycheck Protection Program and bear an interest rate of 0.35%. The funds are expected to pay down as loans to the Bank’s borrowers are forgiven under the program.

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- Definition The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13(a)) -URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 + Details
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