Note 14 – Borrowed Funds

The following is a summary of short-term borrowings with original maturities of less than one year:


(Dollars in thousands)	Nine months ended September 30, 2018		Year ended December 31, 2017
Short-term Correspondent Bank Advance:
Overnight borrowings, weighted average interest rate of 2.42% at September 30, 2018	$	39,000	$	0

Securities sold under agreements to repurchase:
Outstanding at end of period	$	47,805	$	48,845
Weighted average interest rate at end of period		0.17%		0.15%
Maximum amount outstanding as of any month end	$	54,595	$	58,438
Average amount outstanding	$	42,584	$	37,326
Approximate weighted average rate during the period		0.19%		0.19%

At September 30, 2018, the repurchase agreements were secured by $52.8 million in investment securities issued by government related agencies. A minimum of 102% of fair value is pledged against account balances.

The following is a summary of long-term borrowings with original maturities exceeding one year:


	September 30,		December 31,
(in thousands)	2018		2017
FHLB advances, bearing fixed interest at rates ranging from 1.54% to 3.02% at September 30, 2018	$	70,000	$	90,000
Junior subordinated debt, bearing variable interest rate of 5.08% at September 30, 2018		30,929		30,929
Total long-term debt	$	100,929	$	120,929

At September 30, 2018, the long-term FHLB advances were secured by $193.0 million in loans.

The contractual maturities of all long-term borrowings are as follows:


	September 30, 2018						December 31, 2017
(in thousands)	Fixed Rate		Floating Rate		Total		Total
Due in 2018	$	0	$	0	$	0	$	20,000
Due in 2019		20,000		0		20,000		20,000
Due in 2020		30,000		0		30,000		30,000
Due in 2021		20,000		0		20,000		20,000
Thereafter		0		30,929		30,929		30,929
Total long-term debt	$	70,000	$	30,929	$	100,929	$	120,929