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BORROWED FUNDS AND SUBORDINATED DEBT | 12. 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:
The overnight borrowing from FHLB-Pittsburgh had an interest rate of 1.81% at December 31, 2019. At December 31, 2020, other short-term advances included five advances totaling $18,000,000 which are presented in the table inclusive of the unaccreted purchase accounting adjustment, with a weighted-average effective rate of 0.43%. At December 31, 2019, other short-term advances included seven advances totaling $20,297,000 which are presented in the table net of the unamortized purchase accounting adjustment, with a weighted-average effective rate of 2.28%. The weighted average interest rate on total short-term borrowings outstanding was 0.40% at December 31, 2020 and 1.88% at December 31, 2019. The maximum amount of total short-term borrowings outstanding at any month-end was $56,647,000 in 2020 and $86,220,000 in 2019. The Corporation had available credit with other correspondent banks totaling $45,000,000 at December 31, 2020 and 2019. These lines of credit are primarily unsecured. No amounts were outstanding at December 31, 2020 or 2019. The Corporation has a line of credit with the Federal Reserve Bank of Philadelphia’s Discount Window. At December 31, 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 $15,126,000 at December 31, 2020 and $14,728,000 at December 31, 2019. The FHLB-Pittsburgh loan facility is collateralized by qualifying loans secured by real estate with a book value totaling $1,049,690,000 at December 31, 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) were $9,720,000 at December 31, 2020 and $10,131,000 at December 31, 2019. The Corporation’s total credit facility with FHLB-Pittsburgh was $771,199,000 at December 31, 2020, including an unused (available) amount of $698,977,000. At December 31, 2019, the Corporation’s total credit facility with FHLB-Pittsburgh was $552,546,000, including an unused (available) amount of $416,127,000. 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 December 31, 2020 and December 31, 2019. The carrying value of the underlying securities was $1,980,000 at December 31, 2020 and $1,951,000 at December 31, 2019. LONG-TERM BORROWINGS Long-term borrowings from FHLB-Pittsburgh are as follows:
Note: Weighted-average rates are presented as of December 31, 2020. SUBORDINATED DEBT At December 31, 2020 and 2019, outstanding subordinated debt agreements are as follows:
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