Short-Term Borrowings

12 Months Ended

Dec. 31, 2020

Short-Term Borrowings [Abstract]

Short-Term Borrowings

8.SHORT-TERM BORROWINGS

The components of short-term borrowings are summarized as follows:

		As of December 31,
(dollars in thousands)		2020		2019
Overnight borrowings	$	-	$	37,839

The maximum and average amounts of short-term borrowings outstanding and related interest rates as of the periods indicated are as follows:

	Maximum				Weighted-
	outstanding				average
	at any		Average		rate during		Rate at
(dollars in thousands)	month end		outstanding		the year		year-end
December 31, 2020
Overnight borrowings	$	9,159	$	4,175	2.13	%	-	%
Paycheck Protection Program Liquidity Facility		152,791		44,990	0.35		-
Total	$	161,950	$	49,165
December 31, 2019
Overnight borrowings	$	58,747	$	35,243	2.49	%	1.81	%
Total	$	58,747	$	35,243
December 31, 2018
Overnight borrowings	$	76,366	$	27,893	2.38	%	2.62	%
Repurchase agreements		22,202		9,666	0.16		-
Total	$	98,568	$	37,559

Overnight borrowings may include Fed funds purchased from correspondent banks, open repurchase agreements with the FHLB and borrowings at the Discount Window from the Federal Reserve Bank of Philadelphia (FRB). Securities sold under agreements to repurchase, or repurchase agreements, are non-insured interest-bearing liabilities that have a perfected security interest in qualified investment securities of the Company. Repurchase agreements are reflected at the amount of cash received in connection with the transaction. During the fourth quarter of 2018, the Company transferred all of the repurchase

agreement accounts to interest-bearing checking accounts. During the first half of 2020, the Company utilized the Paycheck Protection Program Liquidity Facility (PPPLF) to fund PPP lending. The PPPLF borrowings were paid off during the third quarter of 2020.

FHLB borrowings are collateralized by a blanket lien on all commercial and residential real estate loans. At December 31, 2020, the Company had approximately $428.7 million available to borrow from the FHLB, $31.0 million from correspondent banks and approximately $91.0 million that it could borrow at the FRB.