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LONG-TERM DEBT
12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
The following table presents components of the Company’s long-term debt at December 31, 2020, and 2019.
 
 AmountWeighted Average rate
2020201920202019
FHLB fixed rate advances maturing:
2021$ $40,350  %1.76 %
2023 20,000  %3.06 %
 60,350  %2.19 %
FHLB amortizing advance requiring monthly principal and interest payments, maturing:
20252,316 2,717 4.74 %4.74 %
Total FHLB Advances$2,316 $63,067 4.74 %2.30 %
(1) $20,000,000 of borrowings was prepaid and $40,350,000 of borrowings matured during the year ended December 31, 2020.
Except for amortizing advances, interest only is paid on a quarterly basis.
The following table summarizes the future annual principal payments required on these borrowings at December 31, 2020.
2021$421 
2022441 
2023462 
2024484 
2025508 
Thereafter 
$2,316 
The Bank is a member of the FHLB of Pittsburgh and has access to the FHLB program of overnight and term advances. Under terms of a blanket collateral agreement for advances, lines and letters of credit from the FHLB, collateral for all outstanding advances, lines and letters of credit consisted of 1-4 family mortgage loans and other real estate secured loans totaling $830.3 million at December 31, 2020. The Bank had additional availability of $678.9 million at the FHLB on December 31, 2020 based on its qualifying collateral, net of short-term borrowings and long-term debt detailed above, deposit letters of credit totaling $93.0 million and non-deposit letters of credit totaling $354 thousand at December 31, 2020.
The Bank has available unsecured lines of credit, with interest based on the daily Federal Funds rate, with two correspondent banks totaling $30.0 million, at December 31, 2020. There were no borrowings under these lines of credit at December 31, 2020 and 2019.