Other Borrowing Arrangements

12 Months Ended

Dec. 31, 2019

10. OTHER BORROWING ARRANGEMENTS

At year end, short-term borrowings consisted of the following (dollars in thousands):


	2019								2018
	Average balance outstanding		Amount		Average interest rate during the year	Maximum month-end balance during the year		Weighted average interest rate at year-end	Average balance outstanding		Amount		Average interest rate during the year	Maximum month-end balance during the year		Weighted average interest rate at year-end
As of December 31:
Repurchase agreements	$	22,090	$	25,711	.40%	$	27,712	.40%	$	14,332	$	16,359	.40%	$	17,672	.40%
Overnight federal home loan bank advances		12,408		—	2.09%		63,700	—		8,967		56,100	2.19%		56,100	2.43%
Short-term federal home loan bank advances		822		20,000	1.69%		20,000	1.69%		—		—	—		—	—
Fed funds purchased		313		—	—		850	—		22		—	—		850	—
	$	35,633	$	45,711		$	112,262		$	23,321	$	72,459		$	74,622

Each FHLB advance is payable at its maturity date, with a prepayment penalty for fixed rate advances. The advances were collateralized by $777,685,000 of first mortgage loans under a blanket lien arrangement at year end 2019. Based on this collateral and the Company’s holdings of FHLB stock, the Company was eligible to borrow up to the total of $511,060,000 at year-end 2019, with a remaining borrowing capacity of $534,078,000 if sufficient additional collateral was pledged.

The Company had no borrowings at December 31, 2019 and 2018, respectively from the FRB. The Company was eligible to borrow up to $59,198,000 at year end 2019, which was collateralized by $87,638,000 in first mortgage loans under a blanket lien arrangement.

The Company had no long-term borrowings at December 31, 2019 and 2018, respectively.

The Company had unsecured lines of credit with its correspondent banks which, in the aggregate, amounted to $80,000,000 at December 31, 2019 and 2018, respectively, at interest rates which vary with market conditions. There was nothing outstanding under these lines of credit at December 31, 2019 and December 31, 2018, respectively.