(7) Short-Term Borrowings and Long‑Term Debt

The Corporation’s short‑term borrowings generally consist of federal funds purchased and short‑term borrowings extended under agreements with the Federal Home Loan Bank of Pittsburgh (“FHLB”). The Corporation has two unsecured Federal Funds borrowing facilities with correspondent banks: one of $24 million and one of $15 million. Federal funds purchased generally represent one-day borrowings. The Corporation had no Federal Funds purchased at March 31, 2020 and December 31, 2019. The Corporation also has a facility with the Federal Reserve discount window of $13.5 million. This facility is fully secured by investment securities and loans. There were $10 million in borrowings under this facility at March 31, 2020 and none at December 31, 2019.

Short‑term borrowings as of March 31, 2020 consisted of short‑term advances from the FHLB of Pittsburgh in the amount of $77.3 million with interest at 0.36%, $3.8 million with an original term of 9 months with interest at 0.42%, $5.0 million with an original term of 7 years with interest at 2.76%, $5.1 million with an original term of 9 months with interest at 1.59%, $7.7 million with an original term of 9 months with interest at 1.59%, $10.2 million with an original term of 12 months with interest at 0.88%, $10.4 million with an original term of 12 months with interest at 0.79%, $10 million in borrowings under the Federal Reserve discount window with an original term of 3 months with interest at 0.25%, as well as the acquisition note for the Wealth division that had a balance of $206 thousand as of March 31, 2020.

Short‑term borrowings as of December 31, 2019 consisted of short‑term advances from FHLB of Pittsburgh in the amounts of $102.3 million with interest at 1.81%, $7.7 million with interest of 1.59%, $5.1 million with interest at 1.59%, $5.0 million with interest at 2.76%, $3.1 million with interest of 2.03%, as well as the acquisition note for the Wealth division that had a balance of $413 thousand as of December 31, 2019.

Long‑term debt at March 31, 2020 and December 31, 2019 consisted of the following fixed rate notes:


				Balance as of
	Maturity	Interest		March 31,		December 31,
(dollars in thousands)	date	rate		2020		2019
Mid-term Repo-fixed	03/21/22	0.92	%	$	1,900	—
Mid-term Repo-fixed	06/28/21	1.88			3,123	3,123
Total	`			$	5,023	3,123

The FHLB of Pittsburgh has also issued $157 million of letters of credit to the Corporation for the benefit of the Corporation’s public deposit funds and loan customers. These letters of credit expire throughout 2020.

The Corporation has a maximum borrowing capacity with the FHLB of $525.7 million as of March 31, 2020 and $507.3 million as of December 31, 2019. All advances and letters of credit from the FHLB are secured by a blanket lien on non-pledged, mortgage-related loans and securities as part of the Corporation’s borrowing agreement with the FHLB.