SHORT-TERM BORROWINGS

6 Months Ended

Jun. 30, 2020

12.	SHORT-TERM BORROWINGS

Short-term borrowings totaling $10 million as of June 30, 2020 consisted of advances with the FHLB through its COVID-19 Relief and Recovery Advances Program. Such advances mature at a range of 0.4 to 0.9 years at a 0% interest rate. The advances are secured under terms of a blanket collateral agreement by a pledge of FHLB stock and certain other qualifying collateral such as commercial and mortgage loans. As of June 30, 2020, the Company had a remaining collateral borrowing capacity with the FHLB of $323,091,000. The Company also has unsecured formal lines of credit totaling $122,000,000 with correspondent banks. The Company had no short-term borrowings as of December 31, 2019.