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BORROWED FUNDS AND SUBORDINATED DEBT | 9. BORROWED FUNDS AND SUBORDINATED DEBT Short-term borrowings (initial maturity within one year) include the following:
Short-term borrowings from FHLB-Pittsburgh are as follows:
At September 30, 2020, other short-term advances included ten advances totaling $38,400,000 which are presented in the table inclusive of the unaccreted purchase accounting adjustment, with a weighted-average effective interest rate of 0.58%. The Corporation had available credit with other correspondent banks totaling $45,000,000 at September 30, 2020 and December 31, 2019. These lines of credit are primarily unsecured. No amounts were outstanding at September 30, 2020 or December 31, 2019. The Corporation has a line of credit with the Federal Reserve Bank of Philadelphia’s Discount Window. At September 30, 2020, the Corporation had available credit in the amount of $14,654,000 on this line with no outstanding advances. At December 31, 2019, the Corporation had available credit in the amount of $14,244,000 on this line with no outstanding advances. As collateral for this line, the Corporation has pledged available-for-sale securities with a carrying value of $15,124,000 at September 30, 2020 and $14,728,000 at December 31, 2019. The Corporation engages in repurchase agreements with certain commercial customers. These agreements provide that the Corporation sells specified investment securities to the customers on an overnight basis and repurchases them on the following business day. The weighted average rate paid by the Corporation on customer repurchase agreements was 0.10% at September 30, 2020 and December 31, 2019. The carrying value of the underlying securities was $2,350,000 at September 30, 2020 and $1,951,000 at December 31, 2019. The FHLB-Pittsburgh loan facility is collateralized by qualifying loans secured by real estate with a book value totaling $1,062,779,000 at September 30, 2020 and $778,877,000 at December 31, 2019. Also, the FHLB-Pittsburgh loan facility requires the Corporation to invest in established amounts of FHLB-Pittsburgh stock. The carrying values of the Corporation’s holdings of FHLB-Pittsburgh stock (included in other assets in the consolidated balance sheets) were $11,929,000 at September 30, 2020 and $10,131,000 at December 31, 2019. In addition to the short-term and long-term borrowings shown in these tables, there was a $400,000 letter of credit from FHLB-Pittsburgh outstanding at September 30, 2020. The Corporation’s total credit facility with FHLB-Pittsburgh was $782,434,000 at September 30, 2020, including an unused (available) amount of $641,753,000. At December 31, 2019, the Corporation’s total credit facility with FHLB-Pittsburgh was $552,546,000, including an unused (available) amount of $416,122,000. LONG-TERM BORROWINGS Long-term borrowings from FHLB-Pittsburgh are as follows:
SUBORDINATED DEBT At September 30, 2020 and December 31, 2019, outstanding subordinated debt agreements are as follows:
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