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BORROWED FUNDS

6 Months Ended

Jun. 30, 2020

BORROWED FUNDS

8.BORROWED FUNDS

Borrowed funds at June 30, 2020 and December 31, 2019 consist of Federal Home Loan Bank (“FHLB”) advances. Short-term advances were $200.0 million with a weighted average rate of 0.46% at June 30, 2020. Short-term advances were $183.0 million with a weighted average rate of 1.80% at December 31, 2019. Long-term advances are summarized by maturity date below.


		June 30, 2020								December 31, 2019
		Amount by						Weighted		Amount by						Weighted
		Scheduled			Amount by			Average		Scheduled			Amount by			Average
		Maturity*			Call Date ⁽¹⁾			Rate ⁽²⁾		Maturity*			Call Date ⁽¹⁾			Rate ⁽²⁾

		(dollars in thousands)

Year ending December 31:
2020		$	27,000		$	107,000		3.01	%	$	87,000			137,000		2.25	%
2021			41,750			21,750		2.47			41,750			21,750		2.47
2022			—			—		—			10,000			—		1.73
2023			20,192			192		3.48			20,195			195		2.43
2024			10,000			10,000		1.68			10,000			10,000		1.68
2025 and thereafter			42,172			2,172		1.34			2,187			2,187		1.10
		$	141,114		$	141,114		2.32	%	$	171,132		$	171,132		2.16	%

* Includes an amortizing advance requiring monthly principal and interest payments.

⁽¹⁾ Callable FHLB advances are shown in the respective periods assuming that the callable debt is redeemed at the call date, while all other advances are shown in the periods corresponding to their scheduled maturity date.

⁽²⁾Weighted average rates are based on scheduled maturity dates.

The FHLB advances are secured by a blanket security agreement which requires the Bank to maintain certain qualifying assets as collateral, principally residential mortgage loans and certain multi-family and commercial real estate loans held in the Bank’s portfolio. The carrying value of the loans pledged as collateral for these borrowings totaled $981.4 million at June 30, 2020 and $1.06 billion at December 31, 2019. As of June 30, 2020, the Company had $369.2 million of available borrowing capacity with the FHLB.

The Company also has additional borrowing capacity under a $25.0 million unsecured federal funds line with a correspondent bank and a secured line of credit with the Federal Reserve Bank of Boston secured by 65% of the carrying value of indirect auto and commercial loans with principal balances amounting to $117.2 million and $46.9 million at June 30, 2020 and December 31, 2019, respectively. No amounts were outstanding under either line at June 30, 2020 or December 31, 2019.

As a participating lender in the PPP, the Company also has access to additional borrowing capacity through the Federal Reserve’s Paycheck Protection Program Liquidity Facility. Only loans issued under the PPP may be pledged as collateral.