Note 9. Borrowings

The Company uses borrowings in conjunction with deposits to fund lending and investing activities. Borrowings include overnight borrowings from correspondent banks (federal funds purchased) and funding from the Federal Home Loan Bank (FHLB). The Company classifies all borrowings that will mature within a year from the date on which the company enters into them as short-term advances.

The following table presents the Company’s borrowings as of December 31, 2019 and 2018 (dollars in thousands):



	2019		2018

Federal funds purchased	$	24,437	$	19,440

FHLB:
Short-term advances	$	20,000	$	40,000
Long-term notes payable		48,500		19,447
Total	$	68,500	$	59,447

The average interest rate of federal funds purchased during the years ended December 31, 2019 and 2018 was 2.56% and 2.28%, respectively.

The Company has an available line of credit with the FHLB of Atlanta which allows the Company to borrow on a collateralized basis. As of December 31, 2019, the Company had residential 1‑4 family mortgages in the amount of $107.0 million pledged as collateral to the FHLB for a total borrowing capacity of $90.4 million. FHLB advances are considered short-term borrowings and are used to manage liquidity as needed. The average interest rate of FHLB advances during the years ended December 31, 2019 and 2018 was 2.45% and 1.97%, respectively. Long-term notes payable have interest rates ranging from 0.85% to 2.07% with maturities ranging from 2022‑2024. The Company had $0 and $8.3 million in variable LIBOR rate long-term notes payable at December 31, 2019 and 2018, respectively

Maturities of long-term debt at December 31, 2019 are as follows (dollars in thousands):



2022	$	28,500
2024		20,000
Total	$	48,500

The Company had unsecured lines of credit with correspondent banks available for overnight borrowing totaling $55.0 million at December 31, 2019.