The Company’s borrowings and weighted average interest rates are summarized below:

	June 30, 2020					December 31, 2019
	Amount			Rate		Amount			Rate
	(dollars in thousands)
Total FHLB borrowings	$	460,485		1.23	%	$	500,293		1.96	%

By remaining period to maturity:
Less than 1 year	$	306,000		1.00	%	$	400,000		1.84	%
1 year through less than 2 years		94,237		1.53	%		62,000		2.26	%
2 years through less than 3 years		57,399		1.93	%		10,737		2.45	%
3 years through less than 4 years		-		-			25,000		2.92	%
4 years through 5 years		-		-			-		-
After 5 years		2,854		2.42	%		2,882		2.43	%
Total FHLB borrowings		460,490		1.23	%		500,619		1.96	%
Fair value premium (discount)		(5	)				(326	)
FHLB borrowings, net	$	460,485				$	500,293

Total Paycheck Protection Program Lending Facility (“PPPLF”) borrowings		206,577		0.35	%		-
Total borrowings	$	667,062				$	500,293

The FHLB borrowings are secured by pledges of certain collateral including, but not limited to, U.S. government and agency mortgage-backed securities and a blanket assignment of qualifying first lien mortgage loans, consisting of both residential mortgages and commercial real estate loans.

Advances are payable at stated maturity, with a prepayment penalty for fixed rate advances. All FHLB advances are fixed rates. The advances at June 30, 2020 were primarily collateralized by approximately $2.0 billion of commercial mortgage loans, net of required over collateralization amounts, under a blanket lien arrangement. At June 30, 2020 the Company had remaining borrowing capacity of approximately $1.2 million at FHLB.

Included in borrowings for the period ended June 30, 2020 was $206.6 million of borrowed funds under the PPPLF. Under the PPPLF, each Reserve Bank lends funds, on a nonrecourse basis, to eligible borrowers that have made PPP loans, taking the PPP loans as collateral. The maturity date of an extension of credit under the PPPLF equals the maturity date of the PPP loan pledged to secure the extension of credit. The maturity date of the PPPLF’s extension of credit will be accelerated if the underlying PPP loan goes into default or if the eligible borrower sells the PPP loan to the SBA to realize on the SBA guarantee. The maturity date of the PPPLF’s extension of credit also will be accelerated to the extent of any loan forgiveness reimbursement received by the eligible borrower from the SBA. Additionally, at the Company's, discretion the Company may prepay and borrowing under the PPPLF program at any time without incurring any associated penalty. The corresponding PPP loans which are pledged to secure these funds as of June 30, 2020 all carry maturity dates which contractually occur in April 2022.