Borrowings

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Borrowings

12. BORROWINGS

Information relating to short-term borrowings is presented below:

	For the Year Ended December 31,
	2019			2018
	(dollars in thousands)
FHLB of Boston short-term advances
Ending balance	$	135,691		$	90,000
Average daily balance		84,414			15,183
Highest month-end balance		135,691			90,000
Weighted average interest rate		2.31	%		2.47	%

Information relating to long-term borrowings is presented below:

	December 31, 2019					December 31, 2018
	Amount		Rate			Amount		Rate
	(dollars in thousands)
FHLB of Boston long-term advances
Due 09/01/2020; amortizing	$	—		0.00	%	$	3,409		1.94	%

All short- and long-term borrowings with the FHLB of Boston are secured by the Bank’s stock in the FHLB of Boston and a blanket lien on “qualified collateral” defined principally as 95% of the market value of certain U.S. Government and GSE obligations and 75% of the carrying value of certain residential mortgage loans. Based upon collateral pledged, the Bank’s unused borrowing capacity with the FHLB of Boston at December 31, 2019 was approximately $345.5 million.

The Bank also has a line of credit with the FRB Boston. At December 31, 2019 and 2018, the Bank had pledged commercial real estate and commercial & industrial loans with aggregate principal balances of approximately $316.4 million and $291.7 million, respectively, as collateral for this line of credit. Based upon the collateral pledged, the Bank’s unused borrowing capacity with the FRB Boston at December 31, 2019 and 2018 was approximately $134.9 million and $167.5 million, respectively.