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Borrowings (Tables)

12 Months Ended

Dec. 31, 2019

As of December 31, 2019 and 2018 borrowings consisted of the following (in thousands):



	2019		2018
Securities sold under agreements to repurchase	$	208,109	$	192,330

Federal Home Loan Bank (FHLB) Fixed-term advances	$113,895		$119,745
Subordinated debentures	$18,858		$29,000
Other borrowings:
Federal funds purchased	$5,000		$0
Due after one year	$0		$7,724
Total	$	345,862	$	348,799

Aggregate annual maturities of long-term borrowings

Aggregate annual maturities of FHLB advances and subordinated debentures (excluding unamortized discounts and premiums) at December 31, 2019 are (in thousands):



	FHLB			Subordinated Debentures
2020	$	39,000		$	—
2021	15,000			—
2022	5,000			—
2023	5,000			—
2024	10,000			—
Thereafter	40,000			20,620
	114,000			20,620
Unamortized discount	(105		)	(1,762		)
	$	113,895		$	18,858

Securities underlying the repurchase agreements



(in thousands)	2019		2018		2017
Securities sold under agreements to repurchase:
Maximum outstanding at any month-end	$	208,109	$	192,330	$	163,626
Average amount outstanding for the year	169,437		140,622		144,674

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details