SHORT-TERM BORROWINGS

12 Months Ended

Dec. 31, 2020

Short-term borrowings, which Heartland defines as borrowings with an original maturity of one year or less, as of December 31, 2020, and 2019, were as follows, in thousands:


	2020		2019
Retail repurchase agreements	$	118,293	$	84,486
Federal funds purchased	2,100		2,450
Advances from the FHLB	—		81,198
Advances from the federal discount window	35,000		—
Other short-term borrowings	12,479		14,492
Total	$	167,872	$	182,626

At December 31, 2020, Heartland had one non-revolving credit facility with an unaffiliated bank, which provided a borrowing capacity not to exceed $55.0 million when combined with the outstanding balance on the amortizing term loan discussed in Note 11. The credit facility is non-revolving at a rate of 2.35% over LIBOR, and any outstanding balance is due on June 14, 2021. Heartland renewed its $45.0 million revolving credit line agreement with the same unaffiliated bank on June 14, 2020. This revolving credit line agreement is included in short-term borrowings, and the primary purpose of this credit line agreement is to provide liquidity to Heartland. Heartland had no advances on this line during 2020, and there was no outstanding balance at both December 31, 2020, and December 31, 2019.

The agreement with the unaffiliated bank for the credit facility contains specific financial covenants, all of which Heartland was in compliance with at December 31, 2020, and December 31, 2019.

All retail repurchase agreements as of December 31, 2020, and 2019, were due within twelve months.

Average and maximum balances and rates on aggregate short-term borrowings outstanding during the years ended December 31, 2020, December 31, 2019 and December 31, 2018, were as follows, in thousands:


	2020			2019			2018
Maximum month-end balance	$	380,360		$	226,096		$	229,890
Average month-end balance	157,348			128,098			152,391
Weighted average interest rate for the year	0.39		%	1.38		%	1.19		%
Weighted average interest rate at year-end	0.18		%	1.21		%	1.96		%

All of Heartland's banks have availability to borrow short-term funds under the Discount Window Program based upon pledged securities with an outstanding balance of $2.12 billion and pledged commercial loans under the Borrower-In Custody of Collateral Program of $355.9 million, which provided $1.29 billion of borrowing capacity. There was $35.0 million of borrowings outstanding at December 31, 2020.

In 2019, two of Heartland's banks had $106.0 million of commercial loans pledged to the Discount Window Program, and no balance was outstanding at December 31, 2019.