Borrowings

9 Months Ended

Sep. 30, 2020

Advances payable to the FHLB amounted to $713.9 million and $1.1 billion, respectively, at September 30, 2020 and December 31, 2019.

As of September 30, 2020 and December 31, 2019, the Bank had access to a $40.0 million unused line of credit and also had remaining available borrowing capacity of $828.4 million and $535.0 million, respectively, with the FHLB. The Bank pledges certain qualified investment securities and loans as collateral to the FHLB.

The following table presents maturities and weighted average interest rates on FHLB advances outstanding as of September 30, 2020:


(Dollars in thousands)	Scheduled Maturity	Weighted Average Rate
October 1, 2020 to December 31, 2020	$365,437	1.33	%
2021	258,222	1.04
2022	813	5.12
2023	5,238	3.80
2024	40,900	2.51
2025 and thereafter	43,258	3.29
Balance at September 30, 2020	$713,868	1.44	%

In the second quarter of 2020, Washington Trust began participating in the FRB’s Paycheck Protection Program Liquidity Facility ("PPPLF"). PPPLF extends credit to depository institutions at a fixed interest rate of 0.35%. Only PPP loans can be pledged as collateral to access the facility. The maturity date of the PPPLF borrowings matches the maturity date of the pledged PPP loans. As of September 30, 2020, PPPLF borrowings amounted to $105.7 million and have scheduled maturities in the second quarter of 2022. PPP loans totaling $105.7 million were pledged as collateral to the FRB as of September 30, 2020.