13. BORROWINGS

Short term borrowings, and the related maximum amounts outstanding at the end of any month in both of the years ended December 31, 2019 and 2018, are presented below.


(Dollars in thousands)					Maximum Outstanding at
	Years Ended December 31,				Any Month End
	2019		2018		2019		2018
Repurchase agreements	$	3,429	$	2,911	$	3,891	$	4,620
Short-term borrowings with FHLB:
Overnight advances		9,700		11,600		9,700		29,238
	$	13,129	$	14,511	$	13,591	$	33,858

The following table presents supplemental information related to short-term borrowings.


(Dollars in thousands)	Securities sold under						Short-term borrowings with
	agreements to repurchase						Federal Home Loan Bank
	2019			2018			2019			2018
Amount outstanding as of December 31	$	3,429		$	2,911		$	9,700		$	11,600
Weighted average interest rate as of December 31		1.09	%		2.13	%		1.81	%		2.62	%
Average amount outstanding during the year		3,246			4,177			1,022			9,906
Weighted average interest rate during the year		1.15	%		1.49	%		2.32	%		1.92	%

The Bank has repurchase agreements with some of its depositors, under which customers’ funds are invested daily into an interest bearing account. These funds are carried by the Company as short-term debt. It is the Company’s policy to completely collateralize repurchase agreements with U.S. Government securities. As of December 31, 2019, the securities that serve as collateral for securities sold under agreements to repurchase had a fair value of $9,029,000. The interest rate paid on these funds is variable and subject to change daily.

Long-term debt is comprised only of FHLB advances with an original maturity of one year or more. Outstanding balances were $45,000,000 as of December 31, 2019 and $15,000,000 as of December 31, 2018.

The following table summarizes the scheduled maturities of long-term debt as of December 31, 2019.


(Dollars in thousands)	Scheduled		Weighted Average
Year	Maturities		Interest Rate
2020	$	—	—	%
2021		—	—
2022		5,000	2.74
2023		5,000	2.75
2024		20,000	2.42
Thereafter		15,000	2.41
	$	45,000	2.49	%

The advances outstanding at December 31, 2018 carried an average interest rate of 1.59% and were repaid at maturity in 2019.

The Bank’s maximum borrowing capacity with the FHLB was $183,790,000, with a balance of $55,604,000 outstanding as of December 31, 2019. In order to borrow additional amounts, the FHLB would require the Bank to purchase additional FHLB Stock. The FHLB is a source of both short-term and long-term funding. The Bank must maintain sufficient qualifying collateral to secure all outstanding advances. Qualifying collateral is defined by the FHLB and includes outstanding balances of the Company’s real estate loans, excluding loans with certain risk mitigants, including delinquencies and loans made to insiders, borrowers with low credit scores or loans with high loan-to-value ratios.