Note 7 - Short-term Borrowings

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Short-term Debt [Text Block]

Note 7: Short-Term Borrowings

The following is a summary of short-term borrowings by type.

	September 30, 2020					December 31, 2019
(dollars in thousands)	Balance at End of Period		Weighted Average Interest Rate at End of Period			Balance at End of Period		Weighted Average Interest Rate at End of Period
Short-term borrowings
Paycheck Protection Program
Liquidity Facility borrowings	$	646,267		0.35	%	$	-		-	%

As part of the CARES Act, the Federal Reserve Bank of Philadelphia offered secured discounted borrowings to banks that originated PPP loans through the Paycheck Protection Program Liquidity Facility or PPPLF program. At September 30, 2020, the Company pledged $646.3 million of PPP loans to the Federal Reserve Bank of Philadelphia to borrow $646.3 million of funds at a rate of 0.35%.