XML 31 R18.htm IDEA: XBRL DOCUMENT v3.20.4
Borrowed Funds and Mandatorily Redeemable Securities
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Borrowed Funds And Mandatorily Redeemable Securities Borrowed Funds and Mandatorily Redeemable Securities
The following table shows the details of long-term debt and mandatorily redeemable securities as of December 31, 2020 and 2019.
(Dollars in thousands) 20202019
Federal Home Loan Bank borrowings (0.54% – 5.04%)
$55,183 $45,819 
Mandatorily redeemable securities20,358 17,972 
Other long-term debt6,323 7,848 
Total long-term debt and mandatorily redeemable securities$81,864 $71,639 
Annual maturities of long-term debt outstanding at December 31, 2020, for the next five years and thereafter beginning in 2021, are as follows (in thousands): $3,168; $4,830; $2,049; $11,187; $145; and $60,485.
At December 31, 2020, the Federal Home Loan Bank borrowings represented a source of funding for community economic development activities, agricultural loans and general funding for the bank and consisted of 18 fixed rate notes with maturities ranging from 2021 to 2030. These notes were collateralized by $68.95 million of certain real estate loans.
Mandatorily redeemable securities as of December 31, 2020 and 2019, of $20.36 million and $17.97 million, respectively reflected the “book value” shares under the 1st Source Executive Incentive Plan. See Note 16 - Stock Based Compensation (Stock Award Plans) for additional information. Dividends paid on these shares and changes in book value per share are recorded as Other interest expense on the Consolidated Statements of Income. Total interest expense recorded for 2020, 2019, and 2018 was $2.14 million, $2.22 million, and $1.61 million, respectively.
The following table shows the details of short-term borrowings as of December 31, 2020 and 2019.
 20202019
(Dollars in thousands) AmountWeighted Average RateAmountWeighted Average Rate
Federal funds purchased$— — %$— — %
Security repurchase agreements143,564 0.08 120,459 0.23 
Commercial paper4,766 0.13 3,993 0.29 
Federal Home Loan Bank advances— — 20,000 1.61 
Other short-term borrowings2,311 — 1,441 — 
Total short-term borrowings$150,641 0.08 %$145,893 0.42 %