12.FHLB BORROWINGS

Borrowed funds at December 31, 2019 and 2018 consisted of FHLB advances. Short-term advances were $183.0 million and $290.0 million at December 31, 2019 and 2018, respectively, with a weighted average rate of 1.80% and 2.65%, respectively. Long-term advances are summarized below:


	December 31,
	2019						2018
	Amount by				Weighted		Amount by				Weighted
	Scheduled		Amount by		Average		Scheduled		Amount by		Average
	Maturity*		Call Date (1)		Rate (2)		Maturity*		Call Date (1)		Rate (2)
	(dollars in thousands)

Year ending December 31:
2019	$	—	$	—	—	%	$	90,000	$	120,000	2.06	%
2020		87,000		137,000	2.25			77,000		87,000	2.25
2021		41,750		21,750	2.47			41,750		21,750	1.95
2022		10,000		—	1.73			—		—	—
2023		20,195		195	2.43			20,199		199	1.56
2024		10,000		10,000	1.68			—		—	—
2025 and thereafter		2,187		2,187	1.10			987		987	—
	$	171,132	$	171,132	2.16	%	$	229,936	$	229,936	2.05	%

* Includes an amortizing advance requiring monthly principal and interest payments.

(1) Callable FHLB advances are shown in the respective periods assuming that the callable debt is redeemed at the call date, while all other advances are shown in the periods corresponding to their scheduled maturity date.

(2) Weighted average rates are based on scheduled maturity dates.

The FHLB advances are secured by a blanket security agreement which requires the Bank to maintain certain qualifying assets as collateral, principally residential mortgage loans and certain multi-family and commercial real estate loans held in the Bank’s portfolio. The carrying value of the loans pledged as collateral for these borrowings totaled $1.06 billion and $1.27 billion at December 31, 2019 and 2018, respectively. As of December 31, 2019, the Company had $300.3 million of available borrowing capacity with the FHLB.

The Company also has an available line of credit with the Federal Reserve Bank secured by 83% of the carrying value of loans with an amortized balance amounting to $46.9 million and $70.6 million, respectively, of which no amount was outstanding at December 31, 2019 and 2018.