NOTE 10, Borrowings

Short-Term Borrowings

The Company classifies all borrowings that will mature within a year from the date on which the Company enters into them as short-term borrowings. Short-term borrowings sources consist of federal funds purchased, overnight repurchase agreements (which are secured transactions with customers that generally mature within one to four days), and advances from the FHLB.

The Company maintains federal funds lines with several correspondent banks to address short-term borrowing needs. At December 31, 2020 and 2019 the remaining credit available from these lines totaled $100 million and $55.0 million, respectively. The Company has a collateral dependent line of credit with the FHLB with remaining credit availability of $374.7 million and $276.3 million as of December 31, 2020 and December 31, 2019, respectively.

The following table presents total short-term borrowings as of the dates indicated (dollars in thousands):

(dollar in thousands)	December 31, 2020			December 31, 2019
Overnight repurchase agreements	$	6,619		$	11,452
Federal Home Loan Bank advances		-			-
Total short-term borrowings	$	6,619		$	11,452

Maximum month-end outstanding balance	$	9,080		$	38,138
Average outstanding balance during the period	$	21,092		$	27,382
Average interest rate (year-to-date)		0.19	%		0.71	%
Average interest rate at end of period		0.10	%		0.10	%

Long-Term Borrowings

At December 31, 2020, the Company had prepaid all FHLB advances. The Company did have $28.6 million outstanding in long-term FRB borrowings under PPPLF at December 31, 2020 which all mature in April, 2022 and carry an interest rate of 0.35%.

At December 31, 2019, the Company had the following long-term FHLB advances outstanding (dollars in thousands).

Long-term Type	Interest Rate			Maturity Date	Advance Amount
Fixed Rate Hybrid		2.92	%	4/17/2020	$	10,000
Fixed Rate Hybrid		2.77	%	6/19/2020		10,000
Fixed Rate Hybrid		2.79	%	8/29/2020		3,500
Fixed Rate Hybrid		2.63	%	2/26/2021		5,000
Fixed Rate Hybrid		2.37	%	5/21/2021		5,000
Fixed Rate Hybrid		2.89	%	8/27/2021		3,500
					$	37,000

The Company also obtained a loan maturing on April 1, 2023 from a correspondent bank during the second quarter of 2018 to provide partial funding for the Citizens acquisition. The terms of the loan include a LIBOR based interest rate that adjusts monthly and quarterly principal curtailments. At December 31, 2020, the outstanding balance was $1.4 million, and the then-current interest rate was 2.61%. At December 31, 2019 the outstanding balance was $2.0 million, and the then-current interest rate was 4.20%.

The loan agreement with the lender contains financial covenants including minimum return on average asset ratio, maintenance of a well-capitalized position as defined by regulatory guidance and a maximum level of non-performing assets as a percentage of capital plus the allowance for loan losses. The Company was in compliance with each covenant other than minimum return on average asset ratio at December 31, 2020 and as such, elected to pay the loan in full in early 2021.