The Corporation’s short-term borrowings (original maturity of one year or less), which consist of funds obtained from overnight repurchase agreements with commercial customers, FHLB advances with original maturities of one year or less and overnight fed funds, are detailed below.

A summary of short-term borrowings is as follows:


(dollars in thousands)	June 30, 2021		December 31, 2020
Repurchase agreements(1) – commercial customers	$	21,553	$	38,836
Short-term FHLB advances	—		33,325

Total short-term borrowings	$	21,553	$	72,161

The following table sets forth information concerning short-term borrowings:


	Three Months Ended June 30,						Six Months Ended June 30,
(dollars in thousands)	2021			2020			2021			2020
Balance at period-end	$	21,553		$	28,891		$	21,553		$	28,891
Maximum amount outstanding at any month end	22,559			174,431			60,027			174,431
Average balance outstanding during the period	19,935			136,816			25,944			138,700

Weighted-average interest rate:
As of the period-end	0.10		%	0.10		%	0.10		%	0.10		%
Paid during the period	0.10		%	0.68		%	0.12		%	0.99		%

Average balances outstanding during the year represent daily average balances and average interest rates represent interest expense divided by the related average balance.

As of June 30, 2021 and December 31, 2020, the Corporation had $40.0 million and $39.9 million, respectively, of long-term FHLB advances (original maturities exceeding one year).

The following table presents the remaining periods until maturity of long-term FHLB advances:


(dollars in thousands)	June 30, 2021		December 31, 2020
Within one year	$	39,976	$	39,906
Over one year through five years	—		—
Total	$	39,976	$	39,906

The following table presents rate and maturity information on FHLB advances and other borrowings:


	Maturity Range(1)		Weighted Average Rate(1)		Coupon Rate(1)				Balance at
Description	From	To			From		To		June 30, 2021		December 31, 2020
Bullet maturity – fixed rate	8/24/2021	11/12/2021	1.68	%	1.40	%	1.85	%	$	39,976	$	39,906

In connection with its FHLB borrowings, the Corporation is required to hold the capital stock of the FHLB. The amount of capital stock held was $4.3 million at June 30, 2021, and $12.7 million at December 31, 2020. The carrying amount of the FHLB stock approximates its redemption value.

The level of required investment in FHLB stock is based on the balance of outstanding borrowings the Corporation has from the FHLB. Although FHLB stock is a financial instrument that represents an equity interest in the FHLB, it does not have a readily

determinable fair value. FHLB stock is generally viewed as a long-term investment. Accordingly, when evaluating FHLB stock for impairment, its value should be determined based on the ultimate recoverability of the par value rather than by recognizing temporary declines in value.

The Corporation had a maximum borrowing capacity with the FHLB of $1.77 billion as of June 30, 2021 of which the unused capacity was $1.73 billion. In addition, there were $74.0 million in the overnight federal funds line available and $118.9 million of FRB discount window capacity.