Note 6. 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 March 31, 2021 and December 31, 2020, the remaining credit available from these lines totaled $100.0 million. The Company has a collateral dependent line of credit with the FHLB with remaining credit availability of $365.6 million and $374.7 as of March 31, 2021 and December 31, 2020, respectively.

SHORT-TERM BORROWINGS

The following table presents total short-term borrowings as of the dates indicated:

(dollar in thousands)	March 31, 2021			December 31, 2020
Overnight repurchase agreements	$	6,204		$	6,619
Total short-term borrowings	$	6,204		$	6,619

Maximum month-end outstanding balance	$	6,606		$	9,080
Average outstanding balance during the period	$	7,032		$	21,092
Average interest rate (year-to-date)		0.10	%		0.19	%
Average interest rate at end of period		0.10	%		0.10	%

LONG-TERM BORROWINGS

At March 31, 2021 the Company had borrowings under the FRB’s Paycheck Protection Program Liquidity Facility (PPPLF) of $11.0 million. These borrowings are fully collateralized by PPP loans and will mature in concert with the underlying collateral, all of which will mature within 24 months of origination.

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 National Bank acquisition. The terms of the loan included 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%. The Company elected to pay the loan in full during the first quarter of 2021.