Borrowings

12 Months Ended

Dec. 31, 2020

NOTE 7 – BORROWINGS

Short-term borrowings at December 31 consist of the following:


	2020		2019
	(In Thousands)
Securities sold under agreements to repurchase	$	63,303	$	30,505
Federal Home Loan Bank short-term borrowings		—		31,751
	$	63,303	$	62,256

The outstanding balances and related information of short-term borrowings are summarized as follows:


	Years Ended December 31,
	2020			2019
	(Dollars In Thousands)
Average balance during the year	$	57,014		$	48,945
Average interest rate during the year		0.55	%		0.96	%
Maximum month-end balance during the year	$	69,294		$	62,256
Weighted average interest rate at the end of the year		0.43	%		1.30	%

Securities sold under agreements to repurchase generally mature within one day to one year from the transaction date. Securities with an amortized cost and fair value of $63,462,000 and $64,429,000 at December 31, 2020 and $36,313,000 and $36,195,000 at December 31, 2019, respectively, were pledged as collateral for these agreements. The securities underlying the agreements were under the Company’s control.

The collateral pledged for repurchase agreements that are classified as secured borrowings is summarized as follows (in thousands):


	As of December 31, 2020
	Remaining Contractual Maturity of the Agreements
	Overnight and continuous		Up to 30 days		30-90 days		Greater than 90 days		Total
Repurchase Agreements:
Mortgage-backed securities - government sponsored entities	$	64,429	$	—	$	—	$	—	$	64,429

Total liability recognized for repurchase agreements										63,303


	As of December 31, 2019
	Remaining Contractual Maturity of the Agreements
	Overnight and continuous		Up to 30 days		30-90 days		Greater than 90 days		Total
Repurchase Agreements:
Mortgage-backed securities - government sponsored entities	$	36,195	$	—	$	—	$	—	$	36,195

Total liability recognized for repurchase agreements										30,505

The Company has a line of credit commitment available from the FHLB of Pittsburgh for borrowings of up to $150,000,000, which renews annually in June. At December 31, 2020, there were no borrowings outstanding on this line. There were $31,751,000 of borrowings outstanding on this line of credit at December 31, 2019. The Company has a line of credit commitment available from Atlantic Community Bankers Bank for $7,000,000, which expires on June 30, 2021. There were no borrowings under this line of credit at December 31, 2020 and 2019. The Company has a line of credit commitment available from PNC Bank for $16,000,000 at December 31, 2020. There were no borrowings under this line of credit at December 31, 2020 and December 31, 2019. The Company also has a line of credit commitment from Zions Bank for $17,000,000. There were no borrowings under this line of credit at December 31, 2020 and December 31, 201.

Other borrowings consisted of the following at December 31, 2020 and 2019:



	2020		2019
	(In Thousands)

Fixed rate term borrowing due May 2020 at 1.85%	$	—	$	5,000
Amortizing fixed rate borrowing due June 2020 at 1.49%		—		1,034
Amortizing fixed rate borrowing due July 2020 at 2.77%		—		2,974
Amortizing fixed rate borrowing due December 2020 at 1.71%		—		2,538
Amortizing fixed rate borrowing due December 2020 at 3.06%		—		1,034
Amortizing fixed rate borrowing due March 2022 at 1.75%		1,126		2,009
Amortizing fixed rate borrowing due August 2022 at 1.94%		3,376		5,351
Amortizing fixed rate borrowing due October 2022 at 1.88%		3,021		4,626
Amortizing fixed rate borrowing due October 2023 at 3.24%		5,865		7,809
Amortizing fixed rate borrowing due December 2023 at 3.22%		3,096		4,063
Fixed rate term borrowing due December 2023 at 1.95%		10,000		10,000
Amortizing fixed rate borrowing due December 2023 at 1.73%		7,616		10,000
Amortizing fixed rate borrowing due April 2024 at 0.91%		8,359		—
	$	42,459	$	56,438

Contractual maturities and scheduled cash flows of other borrowings at December 31, 2020 are as follows (in thousands):



2021	$	12,594
2022		11,191
2023		17,826
2024		848
	$	42,459

The Bank’s maximum borrowing capacity with the FHLB was $686,360,000 of which $42,459,000 was outstanding in the form of advances and $100,000,000 was outstanding in the form of letters of credit at December 31, 2020. Advances from the FHLB are secured by qualifying assets of the Bank.